Three conservative U.S. senators, including Utah's Mike Lee, have introduced a plan to save Social Security from eventual financial collapse. It would require Americans born after 1955 to retire at older ages than under current law, and it would reduce benefits. In other words, it relies entirely on spending cuts.
That's not likely to win the support of the American people at a time when defined-benefit pensions are increasingly rare and many people's savings in 401(k) and IRA plans are inadequate to provide for even bare-bones retirement.
The problem with the Lee plan is that it is one-dimensional. Basically, there are two ways to make Social Security viable for the long term. One is to reduce benefits, as this plan would do. Another would be to increase the payroll taxes that support the program. The best solution is likely to involve some combination of those two choices.