For 58 million Americans, the Social Security system works satisfactorily. Therefore, many were surprised when President Obama suggested a fix, using the chained CPI for the cost-of-living adjustment. What's wrong with the Social Security system?

I have heard Obama defenders say for years that he's a really smart guy, so they trust him to do what's right -- that he's playing 12-dimensional chess and as the meme has it -- "he's got this." But can't one be a generally smart guy and still ultimately think some really dumb things?