Treasurys aren’t quite the collector’s item they used to be.
On Tuesday, the trustees of Social Security and Medicare reported that, for the first time since 1982, the Social Security program’s expenditures will outstrip its income. The gap will be $1.7 billion this year (including interest income to the trust fund) and is projected to grow in the years to come, depleting the program’s nearly $3 trillion in reserves by 2034.
For...