Yes, it is. But, the theft has prevented multiple generations from planning for their own financial security.
Other countries have eschewed redistribution in favor of privately-owned accounts. It's the only way to avoid the demographic trend that ultimately dooms inter-generational transfers.
The problem: how do you transition from one to the other? There are many people currently collecting benefits, or are about to collect benefits. It's not fair, or practical, to leave them high and dry.