The government has not represented SS as a "retirement account" with a real principle...or characterized FICA as "investment" in decades. When it was resprsented that way it was by a politician and NOT on paper (written law). How else could they allow those who never contributed a dime collect benefits?
Why do you believe it is now a retirement account in which people have invested?
It is STILL represented as an “earned” entitlement, i.e. one that the government has promised a benefit based on what you have paid into it. The amount of your monthly benefit is BASED ON how much you have paid into the system over your working life. If you are lucky enough to live long enough, you will receive more than you have paid in; of course if you happen to die shortly after you start drawing benefits then you lose everything you have paid in and your beneficiaries get nothing of what you have paid in.
As a system, it has been completely screwed up by the politicians who have expanded it way beyond what it was supposed to be. However, that does not mean that it should be further distorted into even more of a wealth redistribution system by reducing benefits or taxing the benefits of those who have done a better job than others of preparing for their retirement.