How Social Security and VLJs Are Similar

Remember when very light jet designs had everyone talking. Their fate may match Social Security's fate.

Jason Depew

Thursday, March 17, 2022 at 09:00 AM ET

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The ATG Javelin in 2006. [Photo: Calyponte]

Key Takeaways:

The article draws a parallel between the failed Very Light Jet (VLJ) industry, which largely collapsed due to unrealistic promises and rushed development, and the current state of the U.S. Social Security system.
Social Security is described as "bankrupt" because it made unsustainable promises, particularly Cost-of-Living Adjustments (COLA) without adequate funding, leading to projected insolvency by 2033 unless taxes are substantially increased.
While the author suggests that privatizing Social Security could offer individuals more control over their retirement funds, he acknowledges the significant complexities, risks, and challenges involved in implementing such a change.

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The year of my first trip to EAA’s Airventure at Oshkosh was special. Light sport aircraft had general aviation pilots excited, and a new category of very light jet (VLJ) designs had sprung into existence when aircraft design technology caught up to the creation of the Williams FJ44 fanjet engine.

These VLJ designs promised a new era of aircraft ownership. These aircraft had capabilities that would enable the creation of air taxi companies that would have resembled an aviation version of Uber years before the idea caught on for car travel.