Interesting take and I agree on the problem, but getting rid of social security isn't the answer and would lead to more problems. I was a top mortgage broker for over 30 years and got a deep dive into a lot of people's financial situations. Most people, and it didn't matter how much income they made, saved almost nothing. They lived up to their means, whatever that might be, and almost all their savings were based on company 401k plans, with much of their wealth tied up in home equity. At the same time we live in an era with wealth disparity at an all-time high. The top 10th of a percent have as much as 90% of the rest of the population, and as much of their wealth is in stock which they can borrow against and pay no taxes, so they pay very little compared to their wealth. Relatively small taxes on the top level could keep the programs solvent, and if we want to have a functioning society, this should be part of the conversation. If we do away with entitlements the middle class will be in the streets with pitchforks (once they realize the reality of their situation). Libertarianism is great in principal, but it won't work when all the people who didn't save enough 9the vast majority) try and move in with their kids or are out in the streets.
This piece from a few years back outlines the case for 2028 being for when government debt reaches 15 times annual revenue:
https://fee.org/articles/why-2028-could-be-the-year-the-us-debt-crisis-finally-hits-the-fan/
Outcome: US dollar 'deleted' and a new currency created a la the late 1700s.
Interesting take and I agree on the problem, but getting rid of social security isn't the answer and would lead to more problems. I was a top mortgage broker for over 30 years and got a deep dive into a lot of people's financial situations. Most people, and it didn't matter how much income they made, saved almost nothing. They lived up to their means, whatever that might be, and almost all their savings were based on company 401k plans, with much of their wealth tied up in home equity. At the same time we live in an era with wealth disparity at an all-time high. The top 10th of a percent have as much as 90% of the rest of the population, and as much of their wealth is in stock which they can borrow against and pay no taxes, so they pay very little compared to their wealth. Relatively small taxes on the top level could keep the programs solvent, and if we want to have a functioning society, this should be part of the conversation. If we do away with entitlements the middle class will be in the streets with pitchforks (once they realize the reality of their situation). Libertarianism is great in principal, but it won't work when all the people who didn't save enough 9the vast majority) try and move in with their kids or are out in the streets.