Naturally we still need a safety net, not only for seniors but those of marginal income as well. Means testing makes financial sense, but presents a huge political problem. Most retirees believe they are simply getting back what they paid in, even though they may have paid $10-20/ month in the 40's and 50's and now get $1-2000/month in SS checks. The reality is that their children are funding that check, and their grandchildren will pay for their children, so the whole system fails on demographics by 2036. SS is not an individual savings plan, it is a TAX, with no guarantee of getting anything back, even though that is the intention of the program
If we start changing the system we can avoid this. Let's say we start now with those 35 and under and gradually phase out FICA in favor of 401K plans. We have to pay SS tax, by law, and so does the employer. We could change the law so that the SS tax is now directed into retirement savings plans, with limits on investment risk. The current SS trust fund of 2.7 trillion is, by law, 100% invested in US treasuries with a historical return of about 4.5% and much lower in recent years (part of the problem). The historic return on the stock market is just over 8%, which makes a HUGE difference over time. We could also do the same with the Medicare tax and direct it into HSAs
The progressive left loves the European system in which "the government" pays for everything. But they need to realize the government does not produce anything, it only taxes, and the tax rates in Europe are quite high---there is no free lunch. The real reason they love it is because it is a massive redistribution of wealth. I favor the system that, at least in part, demands individual accountability