“The harsh reality is that the majority of today’s workforce—probably the large majority—are heading toward increasingly difficult and, in some cases, financially disastrous retirements.” The researchers also show, however, that this bleak future does not need to be. Social Security “remains the most widespread, effective, secure, and significant source of retirement income” for the vast majority of Americans. To stave off the crisis, the need is precisely the opposite of what the libertarian cadre argues: the nation’s social insurance system should be expanded to compensate for the spread of
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