George W. Bush's Social Security proposals have come under heavy and deserved attack over the past few months. But a few key points should be made clearer. First, repeat after me: Cutting Social Security benefits does not mean “saving” Social Security.
It means “cutting” Social Security. We can debate whether that's advisable, but we shouldn't let anyone misname it.
Second, Social Security's most daunting problem isn't its small projected funding shortfall. The real crisis is that the rest of the government stole the Social Security Trust Fund, spent it, and, because of Bush's tax cuts, won't be able to pay it back (or, pretty soon, do much of anything else either).