False complexities

Talking Points Memo has a succinct way of describing the Social Security debate:

But the terms of this debate are actually pretty straightforward. The president and his supporters want to get the government out of the Social Security business by ending guaranteed benefits. It's really as simple as that. Not complicated. They'll put in its place some system of private accounts where you can save money on your own. And if it works out, great. If it doesn't, it's your problem.

Social Security is about spreading out the risk and the security by having near-universal participation in one program. That's what it is. You pay in through the course of your working years and after you retire you receive your guaranteed benefit every month for the rest of your life. It is that issue of guarantee -- which, in its nature, only a program like Social Security can provide -- which the president and his supporters are trying to do away with, either all at once or in stages.

Full post.