That's a question often asked by right-wing liars. The answer is a single word: No.
Social Security is a dollar-denominated sovereign fund. Because it is denominated in dollars, which can be raised by taxing the general public and/or by printing dollars (that invention the printing press again!), it can go "bankrupt" only if the general public refuses to pay taxes or print dollars to pay the Social Security debt. But this isn't "bankruptcy" in any traditional sense of the word. Bankruptcy implies something involuntary -- the person involved wants to pay his debts but just doesn't have the money. But voluntary refusal to pay your debts (which is what refusing to raise taxes or print money to pay the Social Security debt would be) isn't bankruptcy -- it's just plain being a deadbeat, no different from the millionaire who refuses to pay the carpenter who fixed his porch because "paying debts are for the little people."
In short, Social Security can't "go bankrupt" because "bankrupt" implies involuntary. The only way Social Security goes "bankrupt" is if the general public decides to be a bunch of deadbeats and willfully refuses to pay their debt to the Social Security fund-- a willful refusal, given the fact that the U.S. government possesses that wonderful new invention the PRINTING PRESS (invented *only* 650 years ago!) and thus has no inherent incapacity to pay dollar-denominated debts.
-- Badtux the Non-deadbeat Penguin