Yes, but they are mostly letting younger people pay for it. Younger people who are unlikely to receive similar pensions at such an early age.

True, I have yet to witness a generation who get what they were promised.

Yes, everyone pays taxes into the system. But don't think for a moment that when musk et.al. are done with their purge that your tax rate will magicaly plummet to 2%. It's going to either stay the same or go up. Unless you are in the 1%. In which case, you can start your celebration now.