Demographics dictate that the 'fix' be a reduction in benefits, an increase in taxes, or a combination of the two. I think the safe bet for me is that benefits will be reduced from what I'm being 'promised' now which is why my retirement planning does not consider Social Security in the mix.
What's scary is that SS is only a portion of the problem. Medicare spending is projected to exceed that of SS by 2020. Add in Medicaid and David Walker, U.S. Comptroller General, says the true national debt is not $7 trillion, but up to $42 trillion when these unfunded entitlement programs are included. Remember that the huge surpluses in the SS trust fund are represented by nothing more than general treasury IOU's. Even if Mr. Walker has overstated the case, lets say it's 50% of what he projects, that's still a huge number.
I just advise people I know, the ones maybe a little older than I and younger, to plan for retirement as if nothing will be there when we retire. That way, when we retire, we'll be pleasantly surprised with any little bit we receive. I hope the optimists are correct, but I'm preparing for the worst. ;-)
PS: Your reference to Clinton and SS brought to mind his little publicity stunt. Signed a bill which we were lead to believe was funding the SS trust fund and all they did was move some more of the public debt into the fund via IOU's.