In an ideal world, Americans would have personal retirement accounts, just like workers in Australia, Sweden, Chile, Hong Kong, Israel, Switzerland, and a few dozen other nations.
But we’re not in that ideal world. We are forced to participate in a Ponzi Scheme known as Social Security.
By the way, that’s not necessarily a disparaging description. A Ponzi Scheme can work if there are always enough new people in the system to pay off the old people.
But because of demographic changes (increasing lifespans and decreasing birthrates), that’s not what we have in the United States.
And this is why Social Security faces serious long-run problems.
How serious? The Social Security Administration finally released the annual Trustees Report. This document has a wealth of data on the program’s financial condition, and Table VI.G9 is where the rubber meets the…
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Utopia, you are standing in it! 
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