Social Security is a red herring. Here's our real long-term problem.

Which brings us to the president's proposal for private accounts. I like that proposal for three reasons. First, it will encourage people to save. Second, it will give people choices, and choices are good. And third, it will give more voters a stake in the capitalist system, making them more likely to vote for the sort of pro-growth policies that will improve the quality of life for us in our old age and our grandchildren.

What really matters, though, is not private accounts. It's the saving and pro-growth policies that private accounts will encourage. If we can get the same things in other ways, that's just as good.