No Imminent Crisis

That equates to "no crisis" according to Charlie Rangel. Social Security is the kind of problem that gets worse the longer you procrastinate dealing with it.

The Democrats have served notice that they intend to demagogue it. I would prefer it if we all admitted it is a welfare program plain and simple and means-test it. Also take off the income limits on the payroll tax, and encourage more saving by eliminating taxes on dividends and capital gains. Of course, since nobody really understands what it is and how it works, none of those things will ever happen. Retirees will continue to think that their SS checks come from heaven like manna, and get nasty when those who are being taxed to pay those checks complain.

The Republicans need to respond with truth, the social security system is borrowing from one generation to support an older one. It is not a savings plan like a pension program. It never was. It was packaged and sold as something other than what it is, and everybody should admit it. It's a big Ponzi Scheme, and the sooner we make that clear and do something about it, the better off we'll be. President Bush is trying to get us to recognize that the only sound way to provide for ourselves in old age is to save, not to expect others to support us.

Irwin Stelzer's take on all this makes me feel better about being such a curmudgeon.