At his press conference last Thursday, President Bush added a new “progressive indexing” proposal to his Social Security reform plan that not only largely resolves the program’s imminent insolvency without raising payroll taxes, but also exposes an almost unconscionable hypocrisy in the Democrats’ position on this issue. At odds for months in this debate has been how future payments to recipients are calculated. Currently, increases are tied to annual wage gains of the workforce. However, it has been argued that if they were indexed to the growth of inflation, or “prices” -- which have typically been much lower than changes...