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.

Observers across the political spectrum agree that pressures to increase federal spending will accelerate as the Baby Boomers retire. According to the GAO, leaving current policies in place would raise federal spending from today’s 20% of GDP, to over 30% by 2030, to over 40% by the time today’s younger workers retire in 2040. Social Security spending is expected to grow by 84% in that period. Large personal accounts would gradually transform Social Security into a fully-funded system with virtually no cost to the federal government by the time younger workers retire.

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

Without Personal Accounts, Federal Spending Will Explode
Source: Government Accountability Office