Historically, we have been able to predict wait times for Social Security by examining recent history.  That is about to be all over.  The Social Security workforce has been understaffed and overworked for quite some time, with resulting low levels of worker morale.  That is about to be made significantly worse with these cuts. 

While it is true that fraud does exist in this program (as in just about every program with humans are involved), the idea that it is widespread is false.  There is simply no evidence that thousands, or even hundreds, of "150 year olds" are receiving benefits.

Social Security is the crown jewel of effective government.  It is wildly popular and incredible efficient with extremely low overhead costs. Two groups contain significant opposition to the existence of Social Security as a program.  The first is employers who do not want to pay the employer contribution to the program.  The second group is the financial industry, who salivate over the prospect of profiteering off of significant fees that stand to be earned if Social Security is eliminated and your money is handed over to investment advisers.

Social Security is not broken and does not need radical changes.  Nevertheless, the bad actors now in charge are beginning the process of destroying it from within in the name of profit.