[nybble41]

You are correct. Nonetheless, those paying in to the system today acquiesced to the plan under the assumption that they would one day be able to take their place as beneficiaries. They gave up significant amounts of money which could have been invested toward their own retirement to pay those SS taxes. Simply ripping it away without compensation is neither fair nor realistic.

[itsumoiru]

> those paying in to the system today acquiesced to the plan...

No, they didn't acquiesce to anything. They were required to pay whether they wanted to or not.

[nybble41]

I didn't mean to imply there was anything like voluntary consent involved. I'm on your side here. But there is popular support for this program which wouldn't exist if it were presented purely as a wealth transfer with no upside for those forced to pay in. They gloss over the fact that paying SS taxes doesn't formally entitle you to any future benefits, but in practice cancelling it without offering some compensation to those who paid so much in would amount to political suicide.

[0des]

This brings up and interesting question: If more people enter the work force and pay taxes every year, how is SS (as im told) "drying up"? I don't doubt that it's dwindling, however, what happened?