There is a way to avoid the tax increases needed. We’ve all seen (or heard of) “Logan’s Run” and “Soylent Green” versions of the future. The eldest are “taken care of”. No elderly; no payments. AND THEY STILL COLLECT THE TAXES.
The process is well underway. Billions upon billions have been taken out of SS and Medicare. Retirement housing is sorely needed for the elderly. The death panels will be used against the elderly. And the Ponzi scheme will continue.
Nothing has been taken out of Social Security.
It was used to buy votes from your parents and grandparents, and possibly you.
Any intergenerational income transfer scheme is doomed by demographics to fail. The only way to keep them going is to keep raising taxes.
That’s why countries like Australia, New Zealand, and Singapore have switched to asset-based plans.