The conventional solution, already under discussion, usually is higher taxes and cuts, Greszler warns. She predicts “no matter who wins in 2020, the next administration will not support private accounts.”

But there is another fundamental issue, going back to the program’s origins.

In the 1935 Congressional report on the first Social Security law, the program’s framers wrote, “We can’t ask support for a plan not at least as good as any American could buy from a private insurance company.”

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