That something is, in all likelihood, a partially privatized system, an idea dismissed as a libertarian fantasy less than five years ago, but one that has caught hold in Washington with stunning speed. As these two giants lumber toward their inevitable collision, Washington's political forces are gearing up for the clash of the new century.Īrithmetic dictates one of two outcomes: Either baby boomers are going to see their Social Security benefits vaporize under tax increases, inflation, and benefit cuts (really "wither on the vine," to borrow a famous phrase), or Social Security is going to be transformed into something entirely different from what it is today. Sometime around 2012, the 76 million-member baby boom - a generation that equals the combined population of California and the New England states - is going to run headlong into the New Deal's greatest legacy, Social Security. The baby boom is about to meet the New Deal, and one or the other is going to get crushed when it happens.
The coming collapse of Social Security pits the baby boom against the New Deal - and the New Dealers have come out swinging.
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