Unfortunately, one thing that probably contributed to this situation is the fraudulent notion, bought into by too many Americans, that one is “saving for retirement” by paying one’s FICA taxes.
That has created two problems. First, it has caused a lot of Americans to save less than they would have if no one else was purporting to take responsibility for their retirement. Second, it has given rise to the myth that the money they paid in FICA taxes is still “their money”, when that money is clearly gone. Maintaining the fantasy of the “Social Security Trust Fund” is crucial in perpetuating the Social Security Ponzi scheme.
Which is why a few years ago they started sending out statements detailing your contributions and your projected payments upon retirement.