You are wrong. In most states the politicians have spent the retirement funds set aside for the retirees. They are now paying the retirees from current tax revenues. THERE IS NO LOCKBOX AND NEVER WAS!!! In some states, i.e., California, it is forcing the local entity into bankruptcy because they squandered the money set aside for the retirees.
What about people who saved and invested for their retirement? They earned that money. It’s their money — whether they spend it as soon as they earn it, or wait a few years or decades before spending it.