Or do you intend to do this JUST to US citizens over the age of 65?
Please answer the question.
First of all you’re arguing a non sequitur. It is not full of US bonds waiting to be traded. If tomorrow the Congress decided that the SS trust fund would be zeroed out and the President signed it then it would be zeroed out and there would be no default. It is an accounting gimmick they’ve been taking advantage of for years. Congress can increase benefits, decrease benefits, increase taxes, reduces taxes, increase employer taxes, change the interest rate used in calculations, whatever. Again, one can’t default on the SS trust fund because there are no bonds in it.
Second, what I would do about this mess is lump SS and Medicare together in one account and if it was running in the black, let people get retire with SS benefits. If not, don’t allow more people to retire yet with SS benefits. I just don’t want to see this country go into more debt.