So if you had to propose a solution, what would you propose?
Well, what will be done is the finish line will get progressively moved to 70, then 72, perhaps as high as 78 or 80, but probably settle in at 75 when it becomes solvent again. The problem will be that SSDI and SSI will have to be completely revamped because pretty much everybody over 60 could make a good case for disability under the current regulations which would take back all of the "savings" realized by moving the finish line.
It's bad, but probably "least" of the evils - it will make wealthy people work longer (they make more anyway, work longer anyway and generally have sedentary jobs they can continue to do as they age). The "move the finish" line option does significantly reduce the return on investment, but at least it doesn't actually, directly means test and just take from people who won't benefit from it, didn't ask for it (or need it, frankly), any more than it does now (at least formally).
To me, taxes have to go up along with increasing the retirement age; but as an "insider" I would really like to hear your opinions on what could be done to "fix" the system.
Payroll taxes will probably go up a half a point, a point. Again, bad, but incremental and will patch some of the holes - the baby boomers will be drawing down the reserves pretty heavily over the next 15 years, then it should level out some, and taper off after about 30. The bad period for the trust fund will be ~2022 through ~2042, even with the various proposed fixes.