In 1950 there were 16 workers to every retiree, today there are 3.3; and by 2030 there will be two. The entitlement programs will impose a tremendous tax burden on our children and grandchildren if not reformed, i.e., benefits reduced.
Any system can be made sustainable if you adjust revenue and benefits. Raise the retirement age to 75 and solvency will last for some time. Or double the payroll tax. Or means test benefits. Or change the COLA formula. Or go to personal accounts. But these kinds of solutions run into the face of strong policial headwinds. The politicians are circumstribed by what they can do.
I would prefer privatizing SS and just have a small defined benefit program to cover survivor benefits and disabilities. Trying to fix a flawed system that does nothing for personal wealth accummulation and makes people dependent upon government that can change the rules any time it wants is not worth the effort. You could pay the maximum contribution into SS for 50 years and not collect a cent except for a small burial allowance. SS is just part of the welfare state. It is a Ponzi scheme.
I would prefer something like that too. My guess is that unless there are big changes in our government the system will collapse in a few years if not sooner.
In discussing SS with you I was trying to separate the inherent flaws in the system if it were well run and the way the politicians have looted the system and will need to borrow trillions of dollars to make future payments.
The thing I do not see is how it is possible to transition from the current system to a privatized system. You appear to be very knowledgeable on the subject. Do you think it is possible to make the transition from the present system to a privatized system and still take care of the people who have payed into the system for 30 or 40 years but are still working and have yet to retire?