The present system collapses; then what?
It won't. Benefits will just be cut 30% if politicians stay asleep at the switch doing nothing until the money runs out. But that won't happen. There will be a slow cut in benefits through slight of hand, and infusion of general tax revenues. The problem with Bush's plan is that it really does not do much about the numbers, except infuse some more risk into the system, with a host of ancillary problems. Bush's proposal is dead. If something passes, it won't look much like Bush's plan.
Read the book called "Coming Generational Storm". It is recently published and still available. Excellent reference book. It has a section that talks about if no reforms are implemented and what the individual needs to do financially to prepare for and survive the collapse of Social Security. I look at Social Security like being forced to live in a town with a bad public school system. In order to save the future of my children, I must make the lifestyle changes to I can pay my property taxes and still have enough money for my childrens' safer private school education. We still have time to prepare for a financial life boat for our old age. If my fellow citizens want to rely on Social Security, then let them live in poverty.
The youngsters will start eliminating the oldsters?