Here is a simple, straight forward, question for the actuaries. Would the present FICA tax support the present benefits in an equilibrium world. That would be a world without generation distortions by "Boomers" or the birth dearth after the pill.
The politicians implied that the tax increase back in the early 80's was temporary. That it was only needed to get ahead of the wave of Boomer retirees. No one really believed the politicians about a temporary tax of course, but the implication was that the rates were more then enough to pay SS benefits in a level situation.
If the tax were set back at the equilibrium rate SS benefits could go on indefinately. Just let the Trust fund issue Federal bonds to cover any deficit the way it buys Federal bonds now to save the Boomer surplus.
