President Bush described in last year's State of the Union address that 50 years ago, 16 workers paid Social Security taxes for every person collecting benefits. Today, three workers pay taxes for every beneficiary. In a few decades, it will be two.
“The system, on its current path,” Bush warned, “is headed toward bankruptcy.”
So what's been done about this fiasco? And what needs to be done? Terence Jeffrey over at Human Events Online has some answers.