But remember, if you want to reform Social Security you hate old people:
(CNSNews.com) – Social Security faces an unfunded liability of $8.6 trillion, according to the 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.
The unfunded liability is the amount that has been promised in benefits to people now alive that will not be funded by the tax revenue the system is expected to take in to pay for those benefits. (The Social Security trustees calculate the unfunded liability for a period of 75 years into the future, from 2012 to 2086)
The $8.6 trillion in unfunded benefits Social Security is expected to pay over the next 75 years equals $73,167.83 for each of the 117,538,000 households the Census Bureau said were in the United States in 2010.
Keep in mind that Social Security is adding to the national debt right now because the program is paying more in benefits then it is collecting in tax revenues, and with its trust fund made up of little more than bonds the federal government issued itself, every time the benefits-to-payments gap must be covered with the trust fund the federal government has to borrow more money to make good on the bonds.
Social Security, like every other defined-benefit pension plan in the nation, is failing.