John McCain seems to find himself in a mad dash to demonstrate that he really doesn't know much about economics Social Security.

Bob Somerby at Daily Howler catches him out, on Monday, saying this to a town meeting in Denver:

I'd like to start out by giving you a little straight talk. Under the present set-up, because we've mortgaged our children's futures, you will not have Social Security benefits that present-day retirees have unless we fix it....Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace, and it's got to be fixed....Here's a chart. Here's how much is coming in. Here's how much is going out. And here's where there's more money going out than coming in, and here's where there's no money left.

Read more »