More accurately, they have been forced to contribute into the system rather than be allowed to fund their own retirement/investment plan with that contribution
Most of the working class folks I work with were given a great free retirement plan back in 1979, just like I was. My wife who also works here had the same plan.
in the early 90’s, the company went from not for profit to for profit. the plan ended, and the wife and I elected to keep the plan and it has gained considerably through compounding of interest.
Most everyone else here, found a way to cash theirs in and get their house fixed, new car etc.
they will have nothing.
maybe its a white collar thing you are talking about, having a plan, but most of the country is NOT white collar and have not funded for their retirement.
You're absolutely right, in that the forced contributions had to be made, but alternative investments were made additionally.
Given the option of putting your money into the Ponzi scheme, or putting your money into investment portfolios, only those that vote Democrat ("the government should take care of me") would choose the SS system as a "retirement plan".
Had all baby boomers been contribution at least 15% of their income to investments, rather than the forced SS tax, they would be so positioned today as to have a full-funded and comfortable retirement that THEY control, instead of the a$#holes in Washington.