Social Security was always meant as a tax transfer scheme. When the tax revenues are less the transfer, the system winds down. Simple.
The problem is that politicians (Democrats for the most part, but many Republicans as well) pretend that the tax revenue < transer payments never occurs.
What will happen? A return to America prior to Roosevelt's programs. This isn't necessarily bad, but it will mean that people will have to adjust their expectations.
This is a radically different country today.
This time around, there will either be a push for a strongman to fix everything; or a push to join with other countries (Mexico) to "share the burden".
I am in my 20's and i have accepted the fact that i will not see social security. It annoys me that i will have to keep paying into this system and in 20 yrs from now the feds are going to turn around and say 'oh holy $hit we cant do this anymore'. I have already begun to save and i have a pretty healthy sum of $ stocked away for when the SHTF.. I am not putting one bit of trust in our govt to take care of and neither should any of us. Start a business and dont rely on any coorperation or union to take care of you because in the end we will get the royal shaft.
I might sound negative and all, but its the stone cold truth.. To all these kids getting degrees in sociology and psychology.. you are wasting your time and you parents money.. go learn a trade or a marketable skill thats usefull.. Stop complaining that you cant find jobs out of college.. i wouldnt want to hire you either if all you had was a degree in karl marx and that BS..