Social Security goes bust in 2017, just 12 years from now. Debates about whether the "trust fund" goes bust in 2042 or 2050 or some other far-away date are irrelevant because there is no "trust fund." The Democrats' own website shows they don't understand that a treasury bond held by a third-party is a real asset while a bond held by the "trust fund" is nothing more than an accounting gimmick. If the government owes money to someone, that person can count it as an asset; if the government owes money to itself, it is an asset for the "trust fund" and a liability for the Treasury. But when benefits are owed, the government will still have to come up with the cash to pay them (i.e. tax increases).

The problem is straightforward: the retiree population is growing faster than the general population's payroll tax payments. The solution is equally straightforward: either those retirees will have to each get a smaller piece of the Social Security pie (benefit cuts) or the pie will have to be enlarged faster than it is already growing (payroll tax hikes). The solution is simple, but not easy.

Give President Bush credit for acknowledging the plain fact that the current system is unsustainable. It is not an issue of politics or partisanship; it is an issue of demographics and mathematics. So far, the only thing Democrats have done is to attack the GOP for advocating cuts. Of course, they don't have courage to admit that (therefore, by definition) they want to raise taxes. Are there any honest Democrats around? Anywhere? So far, I can't find a Democratic plan on Social Security - probably because, unlike the GOP, they are too cowardly to acknowledge the unpalatable choices and make one.