For all of you concerned that SS needs fixing it looks like it will fix itself, here is a quote from the SSA website http://www.ssa.gov/OACT/COLA/latestCOLA.html
Legislation enacted in 1983 may limit the COLA if the combined assets of the Social Security trust funds are below 20 percent of annual expenditures.
Since it appears this legislation would automatically reduce SS expendatures the question is would it limit them enough to make SS a true pay as you go program before exhausting the trust fund. Even if it doesn't immediately, over time with enough inflation (that increases wages but doesn't increase SS payments) it will get to be.
Also of note, this might affect a retiree's decision about when to start taking SS; that is you might want to take it sooner rather than later if in your future SS COLAs are going to be limited (or eliminated) as that would reduce SS's future value.