Social Security is financially unsustainable from "summary" of Free to Choose by Milton Friedman
The current system of Social Security, as it stands today, is on an unsustainable path. The reason for this is simple: the number of people receiving benefits is growing at a faster rate than the number of people paying into the system. This imbalance is creating a significant strain on Social Security's finances, and if left unchecked, it will eventually lead to a collapse of the entire system.
One of the main reasons for this imbalance is the changing demographics of the country. As the population ages and the birth rate declines, there are fewer workers available to support the growing number of retirees. This puts a tremendous burden on the system, as there simply isn't enough money coming in to cover the benefits going out.
In addition to the demographic challenges, there are also structural issues with the way Social Security is set up. The current system operates on a pay-as-you-go basis, meaning that current workers' contributions are used to pay for curre...
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