Social Security was considered one of the greatest successes in the twentieth century. It has provided much needed income for retired and disabled workers in the United States. However, in 2042, the Social Security Trust Fund will no longer have sufficient assets to cover their debts. Essentially, Social Security is going bankrupt. This deficit is said to begin around the year 2018. If a solution is not provided, payroll taxes will be increased by almost seventeen percent starting in 2040, and Social Security benefits will reduce by roughly twenty seven percent. In 1960, in the case of Flemming vs. Nestor, the Supreme Court determined that workers have no property rights to Social Security benefits and the Congress can change the benefit formulas at will. This means that a typical worker born in 1960 stands to lose eight percent of their benefits, a worker born in 1980 may lose twenty nine percent, and a worker born this year can lose over thirty three percent (Facing Facts Alert, April 19, 2000, Concord Coalition). The Social Security cost rate will continue rising rapidly through about 2030. After that it will rise at a much slower rate for about five years and then stabilize for the next fifteen years as the “baby boomer” generation ages and decreases in size. Last year, the Social Security Administration and Medicare spent more than they took in requiring over forty-five billion dollars of financial aid. In the latest report from Social Security’s Board of Trustees, the federal government will need one hundred twenty seven billion dollars in 2010 to pay any promised benefits, and by 2025, that number will grow to a staggering seven hundred sixty one billion dollars. If there are no changes to payroll taxes or benefits, these numbers will climb into the t ...