The crisis Biden and Trump don’t want to deal with

President Biden and former president Donald Trump don’t agree on much, but both have pledged not to touch Social Security benefits. This is a reflection of political reality, which is that a lot of seniors, who tend to vote at high rates, depend on the programs, and that they are popular generally. Social Security has a broadly progressive impact on income distribution: The bottom half of earners rely on it to stay out of poverty in retirement. Financial reality, though, is that if the programs aren’t reformed, and run out...