Congress will do the same thing they did in 1983. In addition to raising the retirement age and taxing benefits more, they will raise the FICA tax and change the COLA and benefit formulae (making it more means tested.) In sum, they will kick the can down the road rather than solve the problem.
Medicare taxes will be raised and there will be a call for national health insurance, which is portable and not related to employment. We have already nationalized health care for those above 65 and added greatly to those numbers with Medicaid recipents, many of whom are children. The States will be picking up a greater and greater share of the costs. Medicare B and D costs will be raised and Medigap will be asked to cover more of the costs, which will be borne by the recipients.
Socialism is alive and well in America as the people become more dependent upon the government. It is inevitable, especially since about 50% of the people pay little or no income taxes. They have the political power to put the burden on the "rich" to pay for these services.
You are correct, socialism is alive and well. Raising taxes will harm the economy, but socialists think that they know better how to spend our money than we do.