I agree, this would turn Social Security into just another wealth transfer program.
I am very disappointed that he is going this way.
He better make those tax cuts permanent, or he's failed.
GOOD! Right now it's a wealth transfer program plus a horribly bad retirement "investment" with guaranteed negative returns. Get rid of the latter aspect completely, just pay welfare to the poor elderly (which we have to do one way or the other), and you'll cut costs and government interference drastically.