This proposal from the WaPo is well worth a read. While I’m not particularly swayed by the ‘rising of the peasants’ argument. I also don’t think there’s a real problem with Social Security that can’t be fixed (and no, I’m not referring to the President’s idea to negotiate with himself, rather than making the Republicans suggest it, in his proposal for changing COLAs) rather easily through cuts elsewhere in the Federal budget.
HOWEVER, the idea that the top five percent should accept this because they’ve benefited disproportionately from tax code changes over the last forty years DOES have a fantastic amount of merit. Would they rather give those up or the (for them) paltry checks from SSA? Very soon, that will be what happens if they don’t decide to forego the checks.
It won’t be the proles rising up in the streets, it’ll be the politicians they will elect who decide to end the second gilded age if concessions aren’t made.