What to do about Social Security's shortfall?

A conservative, or at least libertarian, reason to be against privatization of social security. Of course, the problems he (Tyler Cowen) bring up are real, but at the same time, why can't they just be fixed by the "kick the can down the road" of paying for things (in this case the transition from our current "pay as you go" system to "forced savings") that politicians always do? In other words, just add to the debt and pay for it from Income taxes (which are more progressive then payroll taxes anyways) at some point in the future. Although, this way of thinking ("forced savings") is not exactly conservative/libertarian thinking, especially given the noted transition costs and additional debt/taxes to the government.

To give credit where due, Tyler is the one person who has given me a good reason to be ok (not happy, but ok) with how we finance social security/medicare now (me paying for my parents/grandparents, so called "pay as you go"). Basically, I am richer in a lot of ways then my parents were at my age, and they were richer then their parents at their age. So, I can afford (relatively speaking) to pay a little more taxes then they paid.