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Originally Posted by Yakk
The system is not supposed to be "pay-as-you-go". There is a designed social security surplus, to pay for future social security costs, since the 1980s. It is supposed to have a surplus. It is supposed to start running a deficit starting around 2018 or so. This is what is supposed to happen.
From what I can tell, the point where it uses up it's surplus and starts having to borrow money from the rest of the federal government is so far in the future there easily could be massive demographic change by that time.
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From the SS website:
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Q24: Has Social Security ever been financed by general tax revenues?
A: Not to any significant extent.
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Q23: Was the original Social Security program designed to be self-supporting?
A: Yes. In fact the actuaries estimated the program would have a $47 billion reserve by 1980, and the Trust Fund balance hit $46 billion in 1974. However, the reserve declined after that so that the balance stood at only $26 billion in 1980. (Today the Trust Fund reserves are over $1 trillion.)
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I really have no idea where you are getting your information from, specifically regarding all the "supposed to" comments.
Unless I am reading this wrong, self-supporting is the same thing as "pay-as-you-go".