Demistifying social security

A lot of writing goes into the idea that there is some other permanent entity that guarantees social security, other than the current Congress;There is no entitlement God, there is only elected member of the House and a very distorted Senate. Voter can ask contradictory programs frm their representatives and will get contradictory programs as a result. But ultimately, the success of any strange thing Congress does depends on the willingness of foreign lenders; at this point lenders guarantee entitlements, they are the entitlement Gods.

Will foreign lenders risk a haircut to support American entitlements? Sure, a small cut, nothing big.

I doubt that the private sector able to produce 19% of GDP for central government in the information age, probably more like 15%. The Internet robots are going to separate out the municipal borrowing from central government borrowing; the monopoly power of central government in the US has been greatly reduced.