Agree with your statements.
Bottom line is, Social Security ran a $21.5 deficit in 2022.(if I recall correctly)
Thus current wage taxes pay current retirees, almost.
My greatest concern is the shortfall in the General Fund. We are on deck for catastrophic changes.
10,000 baby boomers turn 65 every day and will continue to do so until 2030. In 1950 there were 16 workers for every retiree; today, it is less than 3; and by 2030 it will be 2 workers for every retiree.
Medicare is in worse shape than SS. The Medicare Trust Fund (HI) will be exhausted in 2028. There will be many painful decisions ahead. And one of the biggest will be guns versus butter. Butter usually wins because it has more constituents. Stay tuned.