This excerpt originally appeared in the Washington Examiner on April 26, 2012.

For years, the federal government has used Social Security's surpluses to pay for roads, education and wars. Now that the Social Security program will be demanding its money back from the Department of Treasury on an annual basis, the government will have to borrow more and more from investors, increasing the publicly held debt at a greater pace.

Lawmakers could also cut benefits or raise taxes, but they are usually reluctant to go down these unpopular roads. Neither party has introduced a serious plan to reform Social Security, but both sides have, for two years running, supported reductions in payroll tax rates without equal benefit cuts. To pull this off, policymakers borrow yet more money and transfer it to the Social Security Trust Fund to make it appear as if tax revenue was collected. It is another unfunded promise to seniors that will be paid for by future generations.