Yea, Yea the old people are to blame. Lets take everything they got...(government solution)
In the case of Social Security, that's actually true. And I say this as one of the "old people".
Social Security has been paying more old-age benefits than it can afford since the 70's. Note what I high-lighted: I'm referring to the OASI (old age and survivor insurance) benefits. These are separately accounted by Social Security, if you take the time to look.
Please stop right there before you reply: it isn't because of SSI, disability fraud, or "stealing the surplus". All of those are separately accounted. Anyone who tells you differently is either misinformed or deliberately lying to inflame you.
The truth is that Congress increased benefits greatly back in the 70's and added the COLA without properly funding it. The Reagan administration tried to correct it in the 80's, but their demographic and economic assumptions were too optimistic.
Since then, anyone that even suggests trying to fix the problem is demagogued out of office. So, the problem just gets worse every year.
How bad is it? At the moment, benefits would have to be reduced 16.4% across the board, or taxes raised 21%, to put Social Security back into balance for the next 75 years.
Lets take everything they got...(government solution)
Anyone that suggests that is an idiot. But, the reality is that any solution will have to be a shared sacrifice. Current and near-future Social Security beneficiaries must accept reduced benefits, and current and near-future taxpayers must pay additional taxes.
We lost the opportunity for an "easy fix" long ago. But, the kind of sniping I see on this thread is a perfect example of why there hasn't been a timely resolution. Rather than throwing blame at each other, it's time for all generations and work together to fix Social Security.
However, perpetuating it isn't the answer -- demographic trends will just make it more and more expensive until it's unsustainable. Other countries have transitioned to an asset-based systems while preserving the retirement security of current generations. But, everyone has to accept responsibility and participate -- and be willing to give up something.