You cancel them out against the current liabilities. Retiree spending is entirely funded by current production; the only real question is whether it's through t

You cancel them out against the current liabilities. Retiree spending is entirely funded by current production; the only real question is whether it's through taxation or savings (savings is, after all, current production that is sold and not consumed. This is essentially a tax.) Social Security's funding level is completely irrelevant - what matters is primarily how wealthy society is when current workers retire, and secondarily how much future workers will be willing to save and pay taxes.