A phase-out/privatization plan is the best, along with a raise in the age.
The problem with Social Security, is that too many voters, even those who lean conservative, basically plug their ears and say “la-la-la-la-I-can’t-hear-you” when you discuss true, meaningful Social Security reform. That’s gonna be a tough nut to crack, but right now, with our huge deficits, it might be the time to try it.
I don't remember too many conservatives rallying to George Bush's call for a very limited privatization of social security. This was his first big issue after re-election. Instead, Bush twisted in the wind.
Just wait until it comes out that we can’t afford all of the government pensions on top of this...