A Panel Discussion by the 1983 Greenspan Commission--"Social Security Replacement Rates Already Going Down," Clip #3 [1:17]
Here's the direct link.
According to Ms. Janice Gregory, President, National Academy of Social Insurance, Social Security benefits are already going down in the future (without further cuts).
Benefits are modest, approximately $14,000 annually.
After paying Medicare premiums, the Social Security "replacement rate of lifetime average earnings" in 2010, was 39%.
By 2030, it will be 32%.
Neither of these rates count "taxing" Social Security benefits, so it understates the problem.
“If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” — Woodrow Wilson