Everyone that is a recipient today will get what they paid in plus interest. I realize in the real world this would never work but it makes as much sense as some if the other proposals.That’s just going to spend even more money, particularly since you’re adding a very high interest rate during decades when rates were very low. Plus, you can’t shut it down unless you plan to stiff everyone who’s receiving benefits today since today’s payments depend on today’s payroll contributions. Guess how quickly that plan gets rescinded when tens of millions of recipients contact their representatives! You’ll need a more fair approach and likely one that is implemented gradually. Try again.
And as for the interest rate suggested, the government has been charging the people that rate (10%) all through the low interest rate periods why should they pay a lower amount than what they collect? If you really believe that then you believe the government should be heads they win, tails we lose…