The real conceptual problem with it comes down to SS was designed before we had a fiat currency.
When we were on the gold standard government "savings" took real money out of the economy. Because the taxes are levied and the government does not put it back into "nice things" subsidies for education, roads, other services. People must continue to pay for these on their own so they have to stay in the work force, the dollars pulled out make the dollar slightly stronger.
The smaller generation following a boom would usually create deflation, few workers => lower productivity less money moving. Having retirees drawing down the SSTF would have smoothed that money would flow back in and they would have spent it.
Instead we went fiat. So rather than SSTF contributions being that deflationary drag, the government just borrowed creating new inflation. Now that money as its disbursed is just more fuel on the inflationary fires. So it does not go as far, we have to make COLA adjustments and pay it out faster creating a ever widening disconnect between what people pay in and what they typically get out (assuming they live their projected life spans).
So the entire thing is completely unhinged; it would be even worse but for the fact the rest of the economy also plays by one rule now; "the influential make it up as they go along"