Here’s an unpopular opinion: Social Security benefits are growing too fast. And this excessive benefit growth is one of the key reasons the program is unsustainable.

We’ve all heard that entitlement programs are suffering under the weight of a demographic shift. The American population is aging and living longer, as fertility has declined. Fewer new workers as the share of the senior population increases means fewer taxpayers available to cover the cost of old‐​age benefits.

This is true. And it’s also true that we could solve a lot of the entitlement spending problem, without cutting a single penny from current benefits, by slowing the growth in benefits.

In the case of Social Security, benefits are growing much faster than inflation. This is by design. And the difference is sizeable.