Insovency is not the only problem with Social Security. Social Security is dragging down real economic growth. The amount of SS 'withholding' gives a false image of the labor supply and its relation to market compensation. It isn't necessarily that it is or will be insolvent, rather that there is not real return on the investment at all. The SS tax rate imposed on top of income taxes, state and federal, in relation to net income is huge, the incremental benefits are small. In most cases, since SS benefits are based on the 35 years of highest earnings, workers under 25 have an even larger distortion because there is no benefit to the payroll tax. There is a substantial loss to real investment income. As much as social security was intentioned to be a "safety net" it has crowded out private spending and investment. Its nature from that of a supplemental retirement income has become a serious economic liability in more ways than meets the eye.
There is no scaremongering about it. Social Security is an outdated ship, torn by icebergs of government/entitlement programs, headed for the rocks of insolvency - good intentioned or not.