Los Angeles Times: McCain Takes a Social Security Risk

Even when criticizing John McCain's characterization of Social Security as a "disgrace," reporter Wallsten gives a misleading explanation of the financial reality:

A government report in March painted a gloomy picture of the program's future, estimating that its costs will surpass payroll tax revenue in 2017—forcing the system to rely on a trust fund that, the report said, will go broke in 2041. After that, workers' payroll taxes would cover only a fraction of the benefits promised to retirees. Most experts agree that fixing the system will require benefit reductions, tax increases, a rise in the retirement age, or some combination of the three.