The claim has been made that Social Security is insolvent, and needs to be cut. This is not true. Social Security has a surplus, and can continue to pay full benefits for at least the next 25 years.
Unfortunately, because of the growing income gap in the U.S., the current payroll tax cannot sustain Social Security into the foreseeable future.
Raising the cap on the payroll tax to $250,000 would address this problem: Social Security would be fully funded for at least the next 75 years.
Social Security is a vital safety net, without which many elders would quickly die in abject poverty. We as a nation can afford to properly fund Social Security. This is what we hired you to do, Mr. President.