“promises were issued without regard for the revenues needed to pay the promises”
NO!
The ‘care’ of the funds taken in was irresponsible.
SSA receipts were treated by politicians as a fund they could spend to please voters “today”.
Worse, those funds were used to just pay the interest on loans to spend “pleasing” voters.
The ‘lockbox’ is not just empty it’s full of IOUs to be paid- in addition to the pensions.