How Fiscal and Economic Crises Prompted Retirement Reforms Abroad—and What They Reveal for US Social Security

Romina Boccia and Ivane Nachkebia

The United States is already experiencing the consequences of fiscal excess, driven in part by the growing imbalance in major entitlement programs, including Social Security. Federal interest costs now exceed spending on national defense, surpassing $1 trillion per year and projected to roughly double over the next decade as debt continues to rise. The government increasingly borrows just to pay the interest on that debt, diverting private savings away...