From Ed Lorenzen at the Committee for a Responsible Federal Budget.
1. Benefits will be cut by over 23% within the next twenty years if no changes are made.
2. Social Security benefits will increase in real terms for future retirees even with changes in benefits to restore solvency
3. The Social Security shortfall cannot be closed solely through increased taxes on upper income taxpayers.
4. Delaying action will make the options for restoring solvency more painful Not only does waiting to act mean any tax increases or benefit cuts will be steeper, it literally means they will need to be bigger.
5. The major Social Security plans that rely on a combination of benefit changes and increased revenues to restore solvency include targeted benefit enhancements for vulnerable populations at greatest risk of poverty.
But check out the whole discussion here.