It is remarkable that social security hasn't been a more prominent issue in the presidential race. After all, Governor Romney has proposed a plan that would imply cuts of more than 40% for middle-class workers just entering the labor force. Since social security is hugely popular across the political spectrum, it would seem that President Obama could gain an enormous advantage by clearly proclaiming his support for the program.
But President Obama has consistently refused to rise to the defense of social security. In fact, in the first debate, he explicitly took the issue off the table, telling the American people that there is not much difference between his position on social security and Romney's. ...
Politicians, especially Democrats, who speak up for cuts to social security can count on lavish praise from the media. Political figures of no obvious stature, like former Louisiana Senator John Breaux or former Indiana Senator Evan Bayh, were lionized in the media for their willingness to cut social security benefits. After leaving the Senate, both took lobbying positions where they were almost certainly earning well over $1m a year.
This is the fundamental economics of social security that explains why it has not figured more prominently in the presidential race. If President Obama were to rise in defense of the program, he could count on losing the financial backing of many supporters. He would also get beaten up by the Washington Post and other major news outlets for challenging their agenda.