Its a general entitlement problem, not just a Social Security problem.
""Entitlement Spending Will More than Double by 2050
Pressure from entitlements, fueled by demographic changes and rising heath care costs, will cause federal spending to explode. Medicaid spending will nearly triple -- increasing by 170 percent. Medicare will more than triple -- increasing by 220 percent."
heritage.org
And SS by itself is enough to be a problem
"Projected Social Security cost Rates and Key Components"
"Cost as % of Taxable Payroll"
1998 - 10.9%
2030 - 17.7%
2050 - 18.3%
2075 - 19.9%
urban.org
"In 1950, there were 16 workers paying taxes into the system for every retiree who was collecting benefits. Today there are little more than three workers, and by the time baby boomers retire, there will be only two workers to pay for the benefits of every one retiree, according to OASDI trustees."
If the problem is not addressed, projections indicate younger Americans will not receive retirement benefits, despite paying into the system their entire lives. According to a report by conservative think tank The Heritage Foundation, today's 25-year-old male with an average income is predicted to receive a -0.82 percent rate of return on his Social Security taxes. In other words, he will pay more into the system than he will receive back in benefits."
nfib.com
As for "the right thing". Keeping older people out of desperate poverty might be "the right thing". Continuing to give ever increasing amount of inflation adjusted dollars, even to non-poor, even wealthy elderly people, at the expense of working people including the working poor isn't the right thing.
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