One of the major problems with Social Security is quite simple.
When Social Security was originally conceived, it was expected that less than three percent of the population would live to collect, and those few would live only two to three years once they started collecting. It was also expected that the majority of recipients would be living with family – as we did for so many generations. Prior to 1950s, it was completely common place that older widows and widowers lived with their adult children. Social Security then supplemented the family income to ease the added expense of caring for Dad or Mom.
Those elders also, generally, contributed to the family. They babysat, helped with the chores; they did service work in the community and passed wisdom on to the younger generations. It was a system that worked well for countless generations in the past. Social Security helped.
What Social Security was never intended to do was support millions of people for multiple decades. That was not in the plan.
Today, 56 million people are receiving social security. Fully 18% of the population.
And who is paying to support those 56 million people, many of whom chose to quit working 30 years before they expected to die? You, me, our children, our grandchildren.
That is a problem.