In early 2005, President Bush set out on a nationwide tour to promote what he hoped to achieve during his second term — reforming and stabilizing the Social Security program.
The Democrats flatly refused to address the issue, opting instead to accuse the Bush Administration of fear mongering. They unified their party, and the media, behind an ignorant mantra, “there is no crisis.”
If Democrats could convince Americans that there was no particularly dire problem ahead, then any attempt by Republicans to shore up the system could be painted as unnecessary, reckless, and harmful to senior citizens.
The problem was, Social Security’s insolvency was already painfully clear to anyone without an ideological blindfold. The Clinton administration had been issuing similar warnings since at least 1998.
Nevertheless, the Left’s brood of young, online activists marched in lock-step, rallying to the defense of the Democrats with a website called ThereIsNoCrisis.com, having registered the domain name in late 2004. Locally, it was promoted by the Lefty bloggers, including that listless hive of scum and villainy, The Flypaper Theory.
Visit the site today, and you’ll find only a generic placeholder page with links to random websites offering alternative medical cures, get rich quick schemes and a variety of other shady services. Not much difference, really.
The argument was that we shouldn’t do anything about Social Security because it would be drawing a surplus for at least another 12 years, and would be financially sound on paper for another 20 years after that, thanks to the Trust Fund — which was, in actuality, a filing cabinet filled with IOUs that the government had written to itself. Whatever tweaking Social Security actually needed wouldn’t be necessary for several more decades. And besides, Al Gore had championed a “lockbox” in one of the 2000 debates, so obviously President Bush had no credibility on the subject.
Instead, as Kevin Hassett reports in this week’s National Review, “the economy has been so bad that in February of 2009 Social Security was in the red.”

The chart indicates that the Congressional Budget Office now believes that Social Security will have essentially no surplus next year.
The problem is, the assumptions that give us that scenario are far more optimistic than the assumptions required to justify, say, a $787 billion stimulus package. Indeed, the chart is almost comical in its miraculous ability to skirt negative territory. In reality, Social Security will almost surely have a deficit this year. Such a deficit requires urgent reform…
But fixing Social Security now would get in the way of imposing card check, hiking taxes on corporations, and “reforming” health care this year. So Democrats are ignoring the problem.
As government looks for excuses to undercut free markets, it seems to be able to find a crisis everywhere it looks. Except for where the crisis is.
Such reform could have been implemented four years ago, at least starting us on a path to recovery. Instead, once again, the Left-wing Democrats chose political warfare over sound policy.
Eventually, however, they will get around to drafting a Social Security bail-out. And when they finally do, we can expect increased taxes, fewer benefits, or both, given that the Democrats’ default solution to every fiscal crisis is pumping more money into a failed system.