The 2033 problems (now pushed to 2037) are exaggerrated. Here is why:
Social Security pays out what you paid in, plus, of course, interest.
The calculations being made by the CBO and "experts" is assuming that that will not be enough. That the government will have to kick in extra to boost social security, because costs will go up so much, that people will not be able to live on their own contributions alone.
This is mostly because the assumption is being made that interest rates will stay very low, while inflation eventually returns to 3-5%. Of course, very many very smart people have decided that this is the case, and being completely serious, one should heed what they say.
But in any case, Social Security legally cannot pay out more than it has in reserves. So it is really solvent for all time.
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a