One can go on and on about how SS beneficiaries paid in, and are now "owed". That doesn't change the fact that that it ain't gonna be there for the X-ers and follow on workers. An illustrative example. A good friend of mine was a VN veteran, and while "over there" had his paycheck sent to his father to manage. His father, a spendthrift with poor judgement (sounding familiar yet?) pissed away his son's money as he received it. Son returns from 'Nam, expecting to buy a new Corvette. Imagine his chagrin and dismay! Yes, his son was owed by his father. That didn't change the objective fact that there was no wealth for the father to repay the son. In that case, however, the father didn't have the option of "monetizing the debt" or "quantitative easing".
The point I'm making is: The rectitude of the claim of future retirees ("I paid in, you gotta pay me back") doesn't trump the fact that Uncle Sam, the SSA, etc., have pissed it away as fast as it was paid in, and will have no ability to pay it back under any foreseeable circumstances. The promise that was made was never going to be kept, and while the outrage is justified, it's not going to create the wealth necessary to redeem the promise.
Welcome to hyperinflation. This will allow Uncle Sam to pay back the dollars, without paying back the purchasing power.
