United States budget deficit: Considerations for a social security reform

Abstract

This article analyses United States deficit and Social Security as the sole largest program of U.S. government. Forecast of future spending, receipts, and national debt exposes the necessity for a serious system change within domestic social security net. In particular, Social Security and retirement system of the United States is jeopardized in the nearest future because of the growing population of retirees-baby boomers. The article proves Social Security's contribution to U.S. public debt, arguing that Social Security’s future deficit must not be omitted. The article argues that the current employment rates that provide tax for Social Security cannot back it up putting both younger generation and retirees in a vulnerable position. Thus, the sustainability of Social Security must be restored based on more proper projection tools available nowadays.