From the official SS site:
http://www.ssa.gov/qa.htm
Q. I'm 35 years old. If nothing is done to improve Social Security, what can I expect to receive in retirement benefits from the program?
A. Unless changes are made, at age 71 in 2041 your scheduled benefits could be reduced by 26 percent and could continue to be reduced every year thereafter from presently scheduled levels. See the 2005 Trustees Report.
While I'm sure younger members of this BBS are not happy that their benefits will be cut,
reduced by 26% is a lot different from Mr. Bush's quote of "the entire [social security] system would be exhausted and bankrupt".
He probably needs to alert the SS to change their webpage to reflect his information.