Forbes: "America the Old"
By 2042, America will be much older and more diverse, and Social Security will be broke.Both political parties are looking for cover in the form of a Ronald Reagan-Tip O'Neill deal so that everybody can share the blame. The main problem is that every year that slips by without reform means that more drastic measures will need to be taken down the road. As the stakes grow larger, the opportunity for gamesmanship will prove irresistible on both sides.
Those are the big lessons from new U.S. Census Bureau projections of the country's future population, released today. The data reminds us that demographics aren't in Social Security's favor, and big changes are needed to help today's young workers retire in 2050. Too bad that beyond promised "bipartisanship" from the presidential campaigns--a truly daring pledge--there's barely a plan in place from either camp to fix it.