The most recent projections show the Social Security trust funds would be depleted by 2034 if nothing changes. A key Medicare trust fund would be depleted by 2028.

Johnson repeatedly has highlighted the programs’ unfunded liabilities to emphasize the need for action. He said adopting policies to promote economic growth, such as paring back regulations on businesses, is the biggest thing federal lawmakers can do to protect the programs for future generations.

“It will give us the revenue we need to be able to come up with bipartisan solutions,” Johnson said.

In terms of concrete steps to make the programs solvent, Johnson told the State Journal he has “a very open mind.”

“What I would support is a process and a bipartisan solution,” Johnson said. “What that solution is going to be, I can’t predict.”

In addition to privatization, options could include increasing payroll taxes, raising the eligibility age, cutting benefits, or means-testing the programs by reducing or eliminating benefits for high-income seniors.