There will be absolutely NO "unfunded liability"

$60 tr is simply the money to be made, and US is a $15 tr economy.

Take a fresh out-of-college. He makes $50,000 per yr. and takes on a mortgage of $200,000.

Is the mortgage unfunded? Absolutely NOT. It is simply the money to be made.

Yes, SS retirement age will be raised - gradually - no need to go from 62 to 72 at once. It is 65 and will go to 67 ...69 ...

Why not?

When social security started in 1935, people on average lived 60 years, now it is 80. Life expectancy for people at retirement age has added 4 years for men, 6 years for women since then.

Isn't it more than fair to increase full retirement age for SS by 2 years (while people live 4-6 years longer) as what the government is doing now?

Can SS tax rate increase? Yes, it can. Why not? If there is short fall, tax rate is meant to be raised. It was already increased a few times.

Benefit reduced? So be it. Who said benefit could only increase?

Then what's the REAL worry?

The real worry is the health care cost of US as a nation. Spending 16-17% on health care is outlandish. Period. And there is no cure for that in sight.