OK, here is the way the future of SS will unfold:
1) The political establishment will continue to get its undergarments wrapped around the axle and hence will be unable to agree on any meaningful fixes in the near to medium term (say 10 years)
2) The type of financial debt overhang that we (and most of the rest of the developed world) have been experiencing for a few years now will continue much longer than anticipated because the debt has to we worked out of the system before meaningful growth can resume.
3) This type of recessionary environment is not really amenable to quick political fixes so it doesn't matter much who promises what.
4) The economic growth assumptions that SS uses in calculating the anticipated time frame when the reserve is used up (2033) are too optimistic and hence the 2033 date will be moved forward to 2025 (13 years from now).
5) As a result of the above, benefits will be reduced by the amount of the shortage which will be greater than the 25% in 2033 currently envisioned.
6) There will be great resistance to any increase in taxes, of whatever form so that leaves the reduction in benefit payout plus latter eligibility (i.e. increase in retirement age) as the only viable options
7) There may be some measure of success in converting part of SS to a stock based system - This will additionally accelerate the reduction in future payments
8) As financial hardship increases the rest of the world will find it more and more unpalatable to buy US debt at the current very low rates so interest rates and hence inflation will increase. This will present the SS administration with a great opportunity to tweak inflation adjustments.
And thus it shall be...
So says I - but what the hell do I know
As I'm sure it will be pointed out shortly...