I agree with your assessment of Social Security. If a system cannot sustain itself, it’s bankrupt. As Keynes says: Anything that can’t go on, won’t.

How’s Chile’s private system performing by contrast? Assets under management amount to savings around 74% of GNP. That leaves the country with no net debt. Anyone with a brain would prefer that system to the empty coffer nightmare we inevitably face. You and I will get a negative return on our contributions with the very money we could be saving for our own retirement. Something has got to be done unless you enjoy zero paychecks from irresponsible people who get their hands on your money first and keep it for themselves.