Could Social Security Go Broke?

  title={Could Social Security Go Broke?},
  author={Barbara R. Bergmann},
  journal={The Economists' Voice},
  • B. Bergmann
  • Published 2005
  • Economics
  • The Economists' Voice
The public is anxious because it has often been told that Social Security will “run out of money around 2042”, that it “won’t be there for our young people,” that it will “go bankrupt.” In truth, our Social Security system will never “go bankrupt.” Businesses or individuals can go bankrupt when they are legally obligated to make payments, but don’t have enough money coming in to make them, and no way to increase that inflow of money. A U.S. government program like Social Security is in an…