Probably we'll end up with a trade: voluntary privatization for the young in exchange for means-testing (i.e., the wealthy, who pay the most into Soc Sec, get nothing back). Seems reasonable. The wealthy don't need the extra money, the youth do need the private accounts.
Might even get some realistic ideas like a reduction in the rate of growth of benefits, and a raising of the age limits. If they had done the sensible thing from the start and tied the retirement age to actuarial tables, we wouldn't have this problem. When we felt it needed lowering, we could have voted for it instead of creating this ticking demographic time bomb.