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We Could Completely Get Rid Of Social Security, And It Still Wouldn’t Balance The U.S. Budget

Today’s politicians are literally mortgaging away our children’s financial futures so they can try to win another election.

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In February, the Congressional Budget Office (CBO) released its annual projections of the budget and economic outlook for the coming decade. As usual, the projections look bleak — a deficit of nearly $2 trillion ($1.853 trillion, to be precise) this fiscal year, and over $23 trillion in cumulative deficits over the coming decade, which would place our federal debt well into record territory when measured as a share of the economy.

But many people’s eyes tend to glaze over when talking about debt numbers in the trillions or even as a share of the economy. Thankfully, however, the CBO analysis provides enough data points to allow for a useful, albeit hypothetical, experiment about what it would take to balance the federal budget.

A ‘Three-Bucket’ Thought Experiment

Think of the federal government as falling into three distinct........

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