There are a number of ways Congress can prevent insolvency in SS rather than reduce benefits. The way it is now, its good until 2032. I'm sure they will fix it before then. As it is now, you can't live on SS income alone. You need to have an IRA, savings or some other way to supplement SS income. No one is "living large" on SS alone.

Our generation is much demonized by the younger generation no matter what we do. We're convenient to blame. Its not our fault if they can't make it in life. They can make their life whatever they want if they try. When they get older, they'll understand more how the system works. Its a safety net.

FSK said it best

"The whole point of Social Security is using current taxes to pay current benefits, leaving a huge future liability. It's a political football that can never be undone, because people who paid into Social Security their whole lives will be annoyed if there's a default. Instead, there will be a partial default, either by inflation making the benefit worth less, or higher taxes on current workers."

Even though its a Ponzi scheme it works and can be made solvent.