Is this, or is this not, a polite way to say that taxpayers will have to pay more in taxes?
Yes, but it looks like we're going to have to do it no matter which course we take. Each year we wait adds $600 billion to the bill. The question is whether we are going to do it now, while the cost is ONLY $1 - 2 trillion dollars, or whether we are going to wait until 2018, when the cost will be $10 trillion.
Is this, or is this not, a polite way to say that taxpayers will have to pay more in taxes?
This is like having a leaking pipe behind the wall. You can pay to fix it now, or you can pay to fix it later when more damage will have to be repaired and you've wasted a lot of water. The only advantage of the second path is that you can pretend that the bill won't come due. In fact if you pretend long enough you might be able to sell the house to some sucker in the future and not have to worry about it yourself at all.
It is. Those of us unlucky enough to have been born in the wrong year will get to continue pay the extra SS taxes they've had in place since the early eighties, then we'll get to pay the "supplemental" taxes that will be required to get us over the "hump" of retiring greedy boomers. We'll be lucky if we ever manage to collect 20¢ on the dollar.