The Social Security Trust Fund and Other Fictions

Romina Boccia, a budget and entitlement policy expert at the Cato Institute, dives into the myths surrounding Social Security. She explains that the Social Security Trust Fund is essentially a mirage filled with IOUs, rather than a real fund. Romina critiques how it operates like a Ponzi scheme, causing sustainability issues in light of a declining worker-to-beneficiary ratio. She also outlines urgent reforms needed to prevent fiscal crises that would burden future generations, while advocating for changes in benefit calculations to enhance equity.