A fully funded system is better regardless of demographics because it produces wealth, rather than just transferring it. But because of demographic changes, in order to reap the future benefit of the promise of this zero-sum game, current payers of Social Security benefits will be forced in their retirement years to condemn future payers to exorbitantly high rates of taxation.
The choices are simple, yet apparently not clear to most people: (1) Do we enslave future generations-our own children and grandchildren with drastically higher taxes? (2) Or, do current workers accept poverty and destitution in their own retirement years? (3) Or, do we reduce current benefits, paying them only to the needy elderly, and allow current taxpayers to fully fund their own retirements with the savings from these benefit cuts?
