"I believe we have a problem with Social Security that will emerge in 2018," he said. "At that point in time, Social Security pay out will be more than what is in the fund put in by working people or employers."
Allard said there are no reserves in Social Security because what is there is automatically transferred into the general fund, leaving a debt of $28 trillion. But he doesn't believe the money will ever be repaid to the fund.
"The money is spent," he said. "I don't believe in my own opinion we'll be able to raise the funds to pay it back."
Section. 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned