Politicians don’t like to discuss it much but policy wonks in Washington are finding it harder and harder to ignore: The federal government has made promises with regards to Social Security that it can’t afford to keep. Keeping Social Security alive is going to require some very tough decisions in the coming years. These will like involve raising taxes, reducing benefits, or some combination of the two.
The Head of the Congressional Budget Office (CBO) Douglas Elmendorf recognizes that and suggests that it’s time to start leveling with the Americans who will be most affected. See more of his comments here: