You'll notice that most of these benefits were voted in by "The Greatest Generation" for "The Greatest Generation"...that is, WWII vets.
Personally I'm on the younger end of the "Baby Boomer" generation, and I expect Social Security will be bankrupt before I get back much of what I've paid in. I'd much rather be able to invest that money in a 401K or similar plan.
Yes, it is a government-sponsored Ponzi plan. Of course, I don't think the people who invented it ever foresaw declining birth rates....