These accusations are interesting, plausible, and if true, potentially damaging to one of the greatest successes Democrats (and the beneficiaries of the program, of course) have had in the States. The few facts I know about Social Security are that a) it is not in danger of bankruptcy, the retirement age was raised from 62 when started in 1938 to 67 today (including deferment benefits for workers that keep working til 70), and that according to Milton Friedman, a demigod amongst conservatives, it actually disproportionately benefits the rich.
Friedman claims this is by virtue of the pay-in cap where you only have to pay a percentage of your wages into Social Security up to a certain salary, after which you no longer get “taxed”. You get the full benefit of payment regardless of how close to the pay-in you actually managed to make, so high-income folks get to withdraw much more than they made. Additionally, where mean life expectancy is determined by how much money you have to pay into hospitals, poor people live shorter, and may never collect from the social security fund while rich people who live longer will likely withdraw more than they paid in.
Since this is one of those memes best combatted by information, I’m happy to spread this message, though I’m skeptical without the real numbers. If there’s a risk of insolvency, why couldn’t they just lift the cap since even Lord Friedman suggests it’s configured unfairly? Why must the program be gutted and old people be put even more at risk of dying poor, underfed and without medical care?