Read my lips... no higher taxes.

So since we're not going to raise additional funds for Social Security, can you guess what will happen? One good guess would be that benefits would be reduced. That, however, would not be politically expedient. Therefore, we can expect that there will be additional debt.

Another possible response would be to reform S.S. in some way. For example, we might move to a system of individual accounts. Will that cost anything? The Magic 8-Ball is probably coming up, "Not Likely," since that's what they want to hear.

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