Whether McCain flipflops is not the issue. It is the lack of understanding by the media and the constant drumbeat of disaster politics around “entitlements” that is both created for interests other than workers paying for their own retirement.

The numbers by the trustees for social social security are very clear, and belie the GAO report interpretations by David Walker on the issue as well.

But it takes a wonk to read the numbers. It does not take a wonk to follow the reasoning and gain the idea that Social Security is insurance for a minimum income and that is one government program that has worked, and will continue to work, in the manner designed.

Boomers have already paid their part, and there is not a demographic crunch coming up. At the worst the issue is general fund choices to make, but a small increase of 1% payroll taxes for a worker in 2030, 2041, or so will take care of this prediction anyway.

At Angry Bear, an economics blog, is a series of posts defining some of the issues using the trustee reports numbers supplied by them and illustrates how the system works, and will continue to work, if left alone.

Angry Bear

“No, no it isn’t [privatization]. But”…”workers ought to be able to put part of their salary, part of their taxes into Social Security, into an account with their name on it [also known as privatization].”