Fixing social security

I was talking to a buddy of mine about social security the other day, and he recently heard U Chicago's Kevin Murphy discuss the topic. Murphy's point was that essentially, the problem with social security is that more has been promised to retirees than workers produce.

Therefore, the key discussion on this topic is how to 1) cut benefits and/or 2) raise taxes. Please note how private accounts do not explicitly address either of these points.

Arnold has a run down on different POVs in the Wall Street Journal. Most of them do not explicitly address these points either.