As a result, the range of future possible outlays per recipient is extremely wide. Developing ways to deal with these uncertainties will be a major part of an effective budget strategy for the longer run. Critical to that evaluation is the possibility that, as a nation, we may have already made promises to coming generations of retirees that we will be unable to fulfill.
If, on further study, that possibility turns out to be the case, it is imperative that we make clear what real resources will be available so that our citizens can properly plan their retirements. This problem raises a more-general principle of public policy prudence.