The idea that Social Security is on the verge of bankruptcy is a right-wing myth. Conservatives are not fond of Social Security, which is why they often attack it as a Ponzi scheme. Rick Perry has done that. So has John McCain.
In a recent op-ed column for The New York Times, Joe Nocera points out that the real failure has been in the roller-coaster rides provided by 401(k)s. He quotes behavioral economist Teresa Ghilarducci.
“The 401(k),” she concluded, “is a failed experiment. It is time to rethink it.”