Waffles and Chicken(shit)

I’ve waffled in recent weeks on the need to write a post about Social Security for the Pension Series. On the one hand, since the American form of Social Security pays out in annuity form, it seems like a relevant topic for the Series. Plus, an overwhelming majority of American workers pay into the program. Therefore, it’s the sole remaining Defined Benefit Plan (DBP) that almost all Americans workers still have access to in retirement. Finally, because almost everyone’s eligible for Social Security in America, there’s uncertainty surrounding the future financial viability of the program. That uncertainty alone is enough to justify the need for an article since much of the Pension Series is built around the idea of quantifying the uncertainty surrounding pensions.

On the other hand, there are a lot of drawbacks to writing an article on Social Security. First and foremost, is the sheer number of articles already written about the subject. From books to news articles, to blogs, and podcasts; I doubt there’s a format of media that hasn’t been utilized to discuss Social Security in the USA. That’s partly due to the fact that Social Security is an extremely controversial topic. Since nearly everyone’s entitled to it, nearly everyone has a strong opinion about it. In fact, the government calls it an entitlement, and as an entitlement, it’s earned a reputation as a third rail in American politics — meaning a politician touches it at their own peril much like the electrified third rail in a subway system. Continue reading →