It’s a Ponzi scheme, and always has been. If it had been created by anyone other than the Federal government, the people responsible would have ended up facing long prison terms. Like all Ponzi schemes, Social Security *must* eventually fail, because you can’t keep expanding the base of the pyramid forever.
Social Security Full Retirement Age was 65 in 1935 when average life expectancy for men was 61 and women 64. It wasn’t something people were expected to collect for several decades. “Retirement” wasn’t really a thing back then for most working class people.
If we adjusted Full Retirement Age to track with today’s longevity vs 1935, it would be somewhere around 82. Without adjustments, either in payout, retirement age or both, it’s unsustainable. Unfortunately, no one wants to hire old folks.
Yup, a big pyramid scheme.
It’s been evident to those with their eyes open forever.