Will America Grow up Before It Grows Old?

The facts are plain: Social Security is headed for massive, unsustainable deficits in the next century. Politicians talk of a Social security "trust fund" but there are no hard assets in it—only government bonds. The reality is that Social Security is really a "pay as you go" system, with benefits to current retirees paid not out any saved trust funds but out of taxes on the payroll of today;s workforce. But what will happen when these employees retire; when, in less than fifteen years, the 76…