Debunking The Conservative Attack On Social Security, has lots of good info about Social Security. Bottom line things are lots better than the hysteria predicts.
Some choice quotes:
“The system is also efficient: the cost of administering Social Security is less than 0.7% of annual benefits, compared to administrative costs at private insurance companies that are on average more than 40 times as high.”
Conservatives, then and now, know it’s far easier to minimize — or eliminate — programs that benefit only the poor.”
This rationale was used in 1981 in arguing for the Reagan tax cuts. The rates were cut–and savings actually *declined*.