Led to believe by the politicians they elected that the meager pittance people were throwing into social security was;
1. Enough to provide for the entirety of their retirement
2. Wasn't being pissed away anyway on the "Great Society"
the Baby Boomers, soon to be Abe Simpsons of the world, would ignorantly live life through the 60's, 70's, 80's, 90's and today thinking somehow they were "entitled" to limitless social security benefits.
This was not just being conducted in the US, but replicated in our oh-so-much-more-intouch European counterparts where they too promised the world to voters.
Of course for those of us who ever bothered to look at government budgets and social pension forecasts, we knew this was nothing more than a ponzi scheme, concocted and perpetuated by politicians to ensure they had the old-fart vote, not to mention the vote of ignorant dumb youths who thought it unfair that retirees be forced to pay for their own retirement, even though they would be the ones bending over to pay for it.
And with a ninja-like cunninginess, the politicians were still able to fend off paying the piper by employing the ingenius use of debt, allowing them to cut taxes, yet increase spending, allowing everybody to have their cake and eat it too, while postponing the inevitable financial hangover far into the future. Far enough that the politcians would be dead and thus pulling off the perfect crime.
Thus leaving us with the current situation we have today, ie-retirees don't pay for their own retirement, but rather rely on current generations to pay for their retirement.
I'm absolutely amazed how the bottom 20%, essentially have a free retirement. I'm equally appalled that the top income earning retirees STILL GET A GOVERNMENT SUBSIDY!!!!
Alas, Abe Simpson summarized old people the best when he said this.