Too many beneficiaries
Social Security was invented right when the Great Depression occurred. But none of the architects of this program could have foreseen that after the Second World War, a baby boom would follow.
The results of this historical baby boom are now taking their toll on Social Security, with an estimated 70 million boomers deciding to retire between 2010 and 2030.
This led to a huge increase in the number of Social Security beneficiaries, and as you can imagine, if we wish to properly pay out all the beneficiaries based on the old-school formulas, we would need additional revenue to complete the program’s requirements.
