With the Bushies in full retreat on privatization, the Democratic Party is now perfectly positioned to take advantage of the situation by "fixing" Social Security right now.
A recent report from the Social Security administration shows that simply by removing the cap on income subject to Social Security taxes, the social security system will remain solvent indefinitely. (which means at least until 2079, which is as far out as the SSA makes predictions).
In other words, by advocating the removal of the cap, the Dems can say that they have a solution to the Social Security "problem" that does not involve cutting anyone's benefits, and removes the inequity that allows the rich to pay a much smaller portion of their income for Social Security than that paid by the middle class and the working poor.
This is a "win-win" for the Dems, because the GOP is unlikely to allow it to be passed, and the Dems can hammer the GOP on the issue in 2006 and 2008 by pointing out that the GOP would rather slash benefits for the middle class than make the rich pay their "fair share" of Social Security taxes.