The benefits are being inflated away already (and have been for years). Sadly, I just don't think there is enough economic literacy in the general population at this present time (hopefully the BTC community and other sound money advocates can change this over time) to understand how severe the screw job is.

Regarding the format of SS, it's simple math that an increasing ratio of retirees to workers paying into SS will deplete the pool of funds over time (especially as real wages decline). This has been a trend for several decades due to the size of the baby boomer generation (again, simple math). I also agree that the eligibility age will likely be raised as at least part of the reforms. It will be interesting to see what rhetoric the state uses at this time (and who they get to fall on the sword).