Sorry but cuts, even the demise of, government social programs is not a misconception on the part of younger Americans. The government has demonstrated over and over again that it can replace, restructure, or phase out certain programs. The new or phased-down programs may, or may not, be as beneficial to the recipients. The pyramid styling of SS is certainly a program which demands scrutiny and much scepticism as to its continued viability.
Muleteam1
The original setup was a PAYGO type accounting.
Over the years the democrats subverted this and added benefits that were never intended. They also increased the amounts of the tax to save the system and then spent the money on other things. That is what happened.
Also, the fact that medicine has improved so much and the lifespans of nonworking years have increased to the point of negating the original intentions.
All this in no way kills the system, but as Greenspan has pointed out, these things MUST be addressed by congress NOW and not later.
Governments lack of ability to invest or save money is the real problem. They cannot bank it.