I think Republicans and Democrats will continue to milk the taxpayers for SS and Medicare as long as they can. What happens afterward? There is little evidence they care.
A lot of people are still pretty head-in-the-sand when it comes to this. Got into it with my wife's aunt and uncle over at the Father's Day gathering last Sunday. Retirement came up as a subject, and I opined that SS wouldn't be there by the time I get to that age (I'm 48 now). My wife's uncle (retired, and drawing benefits) and aunt (state pencil pusher for the liquor control board) think that if "The Government" doesn't continue to pay out benefits, there will be civil war.
I said, "Where are they going to get the money? If they raise the payroll tax to the point where it covers the baby boom generation, you'll see civil war coming from the other side of the age spectrum!" Apparently, this was too complicated for them to understand, as they think the baby boom makes no difference to the equation. They just believe that Big Government will always be there to write a fat check. Unless of course, we re-elect Bush!
Unfortunately, their mindset is typical of the reasons that this state will vote for Kerry again, and a host of Rats at the state officeholder level. Sigh.