Bush's presentation of Social Security is the most dishonest I've ever heard from a public official. The Social Security system has been running huge surplus for the last two decades, enough excess money to pay full benefits without raising taxes until '42 or '52, depending on who you ask. The surplus have been diminishing for years now, primarily because of the aging population. In '18, the surplus will become a deficit, and Social Security will have to start drawing on its massive reserves. This is not unexpected. This is why Social Security has massive reserves.
Now, rather than leave the reserve to lose value to inflation every year, the government has invested it each year into Treasury Bonds, loaning money from a profitable branch (Social Security) to unprofitable branches (practically everything else). There is nothing wrong with this. The United States has never defaulted on a loan. If the United States does default on its Treasury Bonds, Social Security will be the least of our concerns. We'll probably be eating our old people instead of paying for their retirements. It's just another indication that the US needs to tighten up and start running a surplus, preferably by electing a fiscally-responsible Democrat instead of a borrow-and-spend Republican.
We have anywhere from 37 to 47 years in which find a way to take in more money or pay out less. We could make SS a flat instead of regressive tax. We could pay out x% benefits after 2050, where x is less than 100. We could do those other things Bush mentioned. Or we could reduce the amount of money SS takes in, giving it instead to investment bankers who, after skimming an appropriate amount off the top, will hold onto it for 50 years, bringing the deadlines closer and making an eventually collapse much more likely. Guess which option Bush supports? The SS system works by current workers paying for current retirees. If current workers pay some portion of their SS taxes to private funds where neither they nor the government can access it, it becomes difficult for the government to pay retirees their due. Basically, if you want to set up private investment accounts, it'll have to be on top of current payroll taxes. So why let the government manage it at all?
But this is a federal republic, which, it happens, constitutionally guarantees rights and protections for minorities. Which is why fundamentalists are attempting to pass a constitutional amendment, because the Constitution, as it is today, forbids the discrimination they feel is necessary to make law.