The President on the “looming crisis”

I just discovered that a new web site has been created declaring that “there is no crisis” in Social Security. But here’s what the President had to say about the issue:

[The President] then listed the consequences of failing to address "the looming fiscal crisis in Social Security." Addressing the students, he said: "If [we] don't do anything, one of two things will happen — either [Social Security] will go broke and you won't ever get [the benefits you are promised]. Or if we wait too long to fix it, the burden on society of taking care of [the baby boomers'] Social Security obligations will lower your income and lower your ability to take care of your children to a degree most of us who are your parents think would be horribly wrong and unfair to you and unfair to the future prospects of the United States."

Clearly the President is just using scare tactics and…um…what? Oh, yeah, that was Bill Clinton. Sorry for the confusion.