This would absolutely kill social security. Certainly it would rip the mask off the whole program since it would no-longer be a inter-generational ‘money pump’ between the working generation and the pool of retirees.
Killing SS is, I think, a good thing. SS is the 2nd reason that the demondogs need huge numbers of immigrants. They need them to keep the Ponzi scheme going a few more years.
Abandon SS go to a Chilean model.