No matter how you feel about the system, this is not going to be a good thing for anyone.
Congress will take the easiest political route it can. The following will happen.
1. Increase taxes slowly over several years.
2. Decrease benefits slowly over several years.
3. They will means test and those with outside pensions will have their social security reduced based on the amount of their non social security pensions. The last one is actually a back door raid on your 401Ks that were supposed to be a supplement to your retirement but not your whole retirement.
Social Security is a scheme that would make Al Capone green with envy. First they tax you and your employer 14%. It is considered part of your gross so you then pay income tax on it. They spend the money and give you a worthless IOU. When they do give you some of the money back that comes from your children's taxes it is considered income and taxed again.