You make it sound like no-one thought of changes in demographics before now. The SS trust fund has always had assumptions about longevity built in. And the US is not outside of that predicted range (actually a little under, IIRC.)
I don't know how I made it sound anything of the sort. I simply commented on the life expectancy difference between dates.
The problems with the SS trust fund are purely due to the artificial contributions cap combined with the decline in median household income relative to GDP. The planners didn't expect to lose the gains in income equality over the prior to the '80s. (If the national income is more concentrated at the top end, and you exclude the top end from contributing....)
That's not the problem at all. Income inequality has little to do with it. Unemployment is rampant which hurts the basic premise of the social security schema. Add to that the problem of a somewhat negative population growth and it throws it all out of whack.
http://www.forbes.com/sites/da...
You see, the planners forecast population growth and the idea was that about 80% of the working population would pay for around 15% in social security benefits. I left 5% off because there will be some eligible to draw benefits but continue to work and end up paying their allotment back in penalties. But when you have a boom in population growth and then it slows, you end up with 25% or better of the population being over the age of retirement (in 2010, there was something like 20.7% of 65 and over compared to 18-64 with roughly 8% under 18 compared to the same source and another 41.9% coming.)
Or in other words, currently, the number of people 65 and over is equal to 20.7% of people of working age. The number of people under 18 year old who will replace the retiring workers is equal to roughly 8% of the current working age population. But the number of people within 18 years of being 65 is roughly 42% of the current working population. this means that 42% will leave while only 8% replaces them leaving a deficit of 34% without bothering to estimate the number of retirees who will still be with us and dependent on Social Security or the number of working age people and others who had tragic events happen and draw from the system too..
http://factfinder2.census.gov/...
But I like you try to push income inequality as a leading factor. It shows you are willing to make something up to push the idea and I bet people believed you too.