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For years, the issue of Social Security has been considered the "third rail" of politics. If you touch it, says the reigning wisdom, you'll be committing suicide. So, former Senator Fred Thompson should be thanked for at least mentioning that a problem exists — even though he skirted its reality.

Thompson's plan would alter the method of providing benefits. Rather than basing them on a person's working years, he would initiate a system indexed to the growth of inflation. This would mean a cut in benefits of about ten percent, but only for some workers.

All that Social Security has to deliver, however, is a portfolio of over $2 trillion in IOUs issued by the federal government. The reality is that all Social Security revenue is consumed as soon as it arrives. In blunt terms, the Social Security system has no funds and is a colossal fraud.

Adding to the fraud are the officials of the Bush administration who claim that the federal deficit is "only" so many hundreds of billions — when they refuse to acknowledge that the Social Security revenues are what keeps the deficit from being larger by many more hundreds of billions. Honesty isn't something found very often when financial matters are discussed in Washington.

It seems obvious that Thompson wanted to generate some discussion about the looming crisis among both his GOP opponents. He failed. Romney, Giuliani, and McCain announced that they have no plan — at present. Democrats Biden, Edwards, Obama, and Clinton have merely nibbled at the topic.

One candidate alone seems willing to discuss this looming crisis forthrightly. Congressman Ron Paul points to its "Ponzi-scheme" reality and notes that in fiscal year 2006, the Bush administration took $185 billion in Social Security revenue and claimed a deficit of $248 billion. The actual deficit, when the two figures are added — as they should be — was $443 billion. Dr. Paul has introduced legislation to require Social Security receipts to be placed in FDIC-insured institutions, not eaten up on arrival. No other candidate from either party wants to comment.

Meanwhile, the Social Security hurricane grows in intensity as it heads right toward our country and its future.

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