But now we have a 30+ trillion dollar hole because, simply, demographics.
So somebody's got to take a big hit. Either retirees, or their kids and grandkids, or both.
With almost 100 million not in the work-force...
... and who knows how many tens of millions as waiters and retail clerks (underemployed)...
it is no wonder the amount of funds flowing into SS is lower.
It is also true demographics play a significant role.
I read recently that after the privatization of SS in Chile, the average Chilean now has a higher net worth than the average American.
No, it will work fast. You could right the ship in 10 years, and moreover, the confidence brought in would act as an overall boost to the economy.