The think tank's message to lawmakers was simple: act now or see the Social Security hole grow larger with each passing year until draconian measure are the only option.

"… waiting to enact reforms would be a significant mistake," the think said in a press release. "… The longer policymakers wait to act, the worse off taxpayers and beneficiaries will be."

The think tank listed four consequences of waiting to make changes to keep the fund solvent for 75 years:

• Any benefits cut needed increases with time. That 23 percent cut in 2033 would be 16.5 percent if instituted today;

• As the fund is depleted it generates less interest. A 2.7 percentage point payroll hike today would need to be 4.2 in 2033;

• Real benefits cuts become more likely as opposed to slowing of increases;

• The later changes are made, the less time workers will have to prepare to make up the difference. If benefits were cut 10 percent now, a 30-year-old would have to set aside about 1 percent of annual income to make up the for the loss compared to 2.7 percent if the cut was made in 2033.

The think tank also examined the affect of changing the way benefits increases are calculated. Right now, benefits increases are tied to wages. Changing to a system called price indexing, which ties increases to inflation in each new group of retirees, would cause slower benefits to grow more slowly because, in general, wages increase faster than prices. The Social Security Administration has calculated that initiating this change in 2018 would keep the program solvent for 75 years.