I'm not sure how you can claim it won't crush the elderly - if you were expecting and planning around having $65k a year in retirement as part of your total inc

I'm not sure how you can claim it won't crush the elderly - if you were expecting and planning around having $65k a year in retirement as part of your total income, and now you've got $20k, that is an enormous change. And that is what I fear is coming in this situation. We can argue about what the correct public policy is to correct the problem - any number of solutions exist. Governments have failed to make the required changes - but they have also consistently failed to pay in the funds (this isn't limited to States - companies have done this as well). None of the solutions will likely include keeping benefits for retirees where they currently exist. The States seem to be playing a game of chicken - waiting until it is a crisis because they know, politically, discussing changes to the pension system for those currently in it or about to enter it is effectively political suicide.