Yes, the current generations paid into Social Security and Medicare their entire lives. The problem is that that are getting more out of the programs that what they paid in and that there are not enough people, young people, at the bottom paying into the system to support the people taking out of the system. The younger generations are paying for the oldest.
This is called a Ponsi scheme. A Pyramid. A new name would be a Madoff. A small group of people at the top are getting money from a larger group at the bottom. That is bad. What is worse is that the group at the top collecting the money is getting larger while the group at the bottom giving the money is shrinking.
And the richest segment of the population is the elderly who get the most government benefits.
The other problem is that the younger generation is paying far more into the system than they will ever receive. My generation and the generations before mine will never ever get what we paid into the system. It is not possible.
The developed European countries along with Japan, Taiwan, and South Korea have huge money problems down the road. Ok. Some of them are already hitting potholes. They and we have quickly aging populations that will consume more public money. With the exception of the US these same countries have a declining population. Which means they will not have the tax base to pay for the promises made to the generations who have paid into the system. Japan already has a debt ratio of two times their GDP.
The US is just barely maintaining its population. If illegal immigration is counted we have a growing population. This only helps us so much given that such a large portion of the US population will soon be dependent on taking money from one group to give to another.
The system is broke.
People can pretend the system is fine but it is not.
Benefits will have to be cut and certainly taxes raised as a bandaid but the system will have to be changed. Its only a question of when and how much it will cost.
How much I make and how much I am worth is known by the government which is a violation of privacy.
I just had a phone call from a real estate broker asking if we would like to sell some of your land. How did he get my phone number and know I owned land? Well the phone number he got off the Internet which is fine since I published it.

But he knows that I own the land via the public documents the county keeps to tax me.
People have been loosing privacy for centuries but it has increase dramatically in the last 100 years and especially this century. It seems like people are like the frog in the pot of water on the stove. The water is getting hotter but the frog does not notice. Privacy is slowly being lost. Some by government edict. Some by business. And more by individuals. People tweet about what they are doing, their location, their friends, etc. I see people on public forums announcing when they will be on vacation.
The simple act of posting on TBN tells us much of the poster.

But not forced by edict.
At least so far.
Wait. What is that I hear? It is a tractor! No. OMG it is a bunch of tractors! And they are all black! They are circling the house!
Gotta go! Gotta hide!
Later, maybe,
Dan