Social Security is not a scam.
Social Security is not a Ponzi Scheme.
Nobody stole the Social Security trust fund money.
Social Security does not add to the federal deficit (although using convoluted thinking regarding the sale of bonds, some claim so).
Everyone participating in Social Security pays their fair share. Only taxed earnings are counted toward the benefit calculation.
FICA taxes have nothing to do with the benefits calculation. Many people are eligible for a benefit without ever paying FICA taxes.
Nobody paid for their own benefit.
On average we pay for about 15% of the benefits actually collected over a lifetime.
Social Security trust is being depleted because the incoming revenue from all sources (FICA, interest income, income taxes paid on Social Security benefits) is insufficient, largely for demographic reasons, but also because Congress has ignored the Trustees admonishments to make adjustments sooner rather than later-gradually over the years, thus leading us to a possible crisis and cut in benefit payments.
Even today three relative minor changes will solve the problem:
Raise the FICA by 3% (1.5% on workers). For the average salary of $66,790 that comes to $19.26 per week. There is nothing to say the employer portion could not be larger than the workers. That is a small price to pay for guaranteed retirement income, survivor and other benefits.
Enroll new state employees in Social Security
Subject Cafeteria Plan tax free contributions to FICA, just like 401K plans.
The above based on the CRFB calculator.
There are several combinations possible if only Congress would act. Making Social Security benefits tax-free is counterproductive and must shift more costs to workers.
Removing the taxable wage cap does not solve the problem. Taxing all wages closes about 60% of the funding gap.
To say higher income workers do not pay their fair share in not fair or accurate. The benefits earned, the liabilities created are only based on taxable wages. The program has worked fine and fairly for over eighty years. Suddenly we seem to be in a time of finding an easy way to shift responsibility.
The benefit formula is designed to provide a higher benefit for lower income workers by using higher percentages of the indexed earnings.
a) 90 percent of the first $1,226 of his/her average indexed monthly earnings, plus
(b) 32 percent of his/her average indexed monthly earnings over $1,226 and through $7,391, plus
(c) 15 percent of his/her average indexed monthly earnings over $7,391.
The income replacement percentage is about 40% for average workers and declines for higher income workers. Social Security was not intended to be the only or even primary source of retirement income.
QUINNSCOMMENTARY 
Good summary and some reasonable ideas for current system.
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I’ll lead off by saying that 3% of payroll is not relatively minor for the median and below wage earner or the employer but I recognize more revenue is necessary.
My suggestion is to look at ScottBurns.com and his March 9 post. It concerns the paper Steny Hoyer, D-MD, sent to the Social Security Actuaries to vet. The proposal was prepared by Wendell Primus. Burns includes the paper and response. Joyner stated he will use this if Social Security discussions occur in the Senate. I scanned it, it is not a short read but it is most promising.
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