It's still quite a bit more "solvent" than many other government programs -- even though the trust fund is full of IOUs from other government programs. Alas, it's not a "lock-box."Taxes will be raised to keep it going. It is a bit of a Ponzi scheme that has been kept afloat partially by the immigrants that Trump wants to ban.
But people don't invest, it's against human nature. Nor do they have the time and expertise to effectively manage their funds.Of course, Ponzi Schemes may work in the short run for early scheme contributors, but they inevitably end up in total disasters for later scheme contributors. If any worker were allowed to invest his social security contributions into a conservative low-risk stock market index fund instead of the status quo SS trust fund, he/she would get a far greater return from his/her contributions than what he/she can be expected to receive out of the SS trust fund.
Social security was never intended to turn a profit. it's not a stock fund.
Bankers and corporatists have been drooling over this cache of cash for decades; nibbling away at it, borrowing from it, &c. Privatization would absolutely destroy it. it would be sucked dry.
There is a solution, though strongly resisted by the oligarchs.
We pay 6.2% of our income into the fund. Employers match this. Self employed pay the whole 12.4% -- until you reach an income of $132,900 -- above that no percentage is taken out.
Remove this FICA tax cap and a lot of money would pour into the fund from rich people -- who would never miss it.