As one of those boomers (and fairly close to the leading edge), I know that I've been paying into the fund all my professional life. I also know that the fund has been tapped for general government operating expenses, so the idea of a "fund" is little more than fantasy.
FDR made some promises that may have made sense at the time, but he didn't foresee the baby boom, so the planning was deficient. Nonetheless, the promises have been made.
Now I think everyone knows how I feel about gummint handouts. I would be happy to receive my own payments back, with no compensation for inflation, how much that money could have made had it been intelligently invested, or the fact that I intend to live well into three digits.
I don't know what I'm going to get out of SS. Lots of people are trying to figure out how to tax GenXers and other productive workers so they can send me more money than I deserve until I die. Whether or not they'll succeed remains to be seen.
In the meantime, I've made my financial planning so that I'm not dependent on SS payments. To be sure, my standard of living will be better with the payments than without, and I'm also not so much of a dogmatist to keep my hands in my pockets when someone is handing out money.
IMNSHO, retirement planning is an individual's responsibility. I don't necessarily feel anyone is entitled to a comfortable retirement simply because they've continued to breathe for 6.5 decades (or any other arbitrary number). It's a phenomena many of us feel we deserve, and I know I'm looking forward to it, but all I really feel I deserve is my own money back.
The idea of allowing people to invest some of their SS funds in vehicles that may pay much higher dividends (or may lose the bunch) is a bit scary to those who feel the "security" in "Social Security" actually has meaning.
The Cato Institute
has published several papers on the topic. SS as we know it is not sustainable. It needs to be revamped, and no doubt there will be people who feel they won't be getting what they deserve. I would naturally disagree with them.