Finally someone has the guts to tell the truth about SS. And while he may be wrong about a bunch of other things, the collapse of SS and medicare is one of the most important things that will affect the country.
“and that is why politicians voted to expand Social Security benefits in 1970s by, for example, indexing benefits to the growth of wages rather than to the (usually smaller) rate of inflation.”
reversing that can save a ton of money
This is one of the reasons the early Keynesians strongly supported Social Security. They argued that SS was good because it suppressed savings. To Keynesians, savings somehow escape from the economy. They are not offered in exchange for goods, and start a downward spiral in "aggregate demand." They overlook the role of savings in making investment possible.
Most Americans are like my Father used to be, they think that their SS money is being invested and kept for them by some big hearted government agency that is looking out for them. I argued with my Dad for 30 years trying to convince him that all SS money is spent as fast as it comes in and not put away in some interest bearing account somewhere. He finally saw the light a couple of years ago. It was quite an epiphany for him. His trust in the US government was shattered at that moment.