C. C. Elebash (Retired finance professor) says,
Social Security is a highly successful pay-as-you-go social program. It is not a fraud. Although not perfect, it is here to stay.
Congress re-vamped Social Security in 1983. They “fixed” the plan for 55-60 years. It has actually been running a surplus since 1983 -- all from employee and employer payroll taxes. The surplus is deposited in the Social Security Trust Fund. Annual surpluses will dwindle away in the next few years, but the Trust Fund surplus will be not be used up until about 2035 or 2040.
Here is the problem: Congress spent the Trust Fund surplus. They will have to find a way to restore the money that was taken away from worker and employer contributions.
This nation needs and wants a viable Social Security program. A combination of measures can extend the plan for another 50 to 60 years. Congress can do this with changes that will be difficult but not draconian.