Social Security cannot afford to pay all of the benefits it has promised. Beginning in 2017, it will run cash deficits that get bigger every year

One compelling argument for personal accounts in Social Security is to point out that the number of workers supporting each retiree has plummeted in recent years, from 16 workers for every one retiree in 1950 to a little over 3 workers per retiree today. What is not often spoken about is how this worker to retiree ratio will continue to deteriorate in future years, and stay chronically and unsustainably low. According the non-partisan Social Security actuaries, there will be fewer than 2 workers to support one retiree by the time today’s teenagers retire. This will inevitably force those teenagers to receive a negative rate of return from Social Security absent large personal accounts.

The system has a problem, and we need to fix it. Personal accounts are the solution.

Number of Workers Will Continue to Dwarf Retirees Far Into the Future
Source: Jagadeesh Gokhale, Cato Institute: “Social Security Status Quo vs. Reform: What’s the Tradeoff?” 07-12-2005
2005 Social Security Actuaries Report