Kudos to Matt Miller for telling the truth about President Bush’s Social Security indexing proposal:

Under today’s system of “wage indexed” benefits, every new cohort of retirees is guaranteed a higher level of real benefits than the previous generation. Workers retiring in 2025, for example, are scheduled to receive payments 20 percent higher in real terms than today’s retirees. Today’s teenagers are slated to get a 60 percent increase. When Democrats cry about “cuts,” they mean trims from these higher levels.

A Democrat might ask: Why would we ever change this way of calculating benefits, other than from some Scroogelike desire to slow the rise in future benefits? Well, we probably wouldn’t think about it if we weren’t on the cusp of the biggest financial crunch in American history. But we are. And with the baby boomers’ retirement looming, Democrats need to think beyond Social Security alone to think intelligently about achieving progressive goals.

Indeed, if you care about social justice and economic growth, the big policy question for the next generation is this: How do we square the needs of seniors with the needs of the rest of America, at levels of taxation that don’t strangle the economy?

Those who say today’s Social Security structure is sacred are arguing that our top priority – before we even consider anything else – must be to guarantee that every senior will enjoy real benefit increases in perpetuity.

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