Our guest blogger is James Kvaal, Domestic Policy Advisor at the Center for American Progress Action Fund.

If you’re in Generation X, don’t give up hope — Social Security is not going bust. That’s news from the annual report from the Social Security and Medicare trustees.

The latest projection is that Social Security will pay full benefits for more than 30 years. After 2041, it will pay only 78 percent of promised benefits. The projection for the long-run shortfall has fallen 10 percent since last year.

The report is an important reminder that the program is not in a crisis. While we need reforms to extend the life of Social Security, we do not need to panic and adopt massive benefit cuts. And the last thing we need is the radical step of privatization — as George Bush and John McCain want -– that would cut benefits and shorten the program’s life.

Instead, we can save Social Security by setting the right priorities. Its deficit projected into the infinite future is 1.1 percent of the economy — about the same size as John McCain’s tax plan. Saving Social Security would be a better use of resources than a $2 trillion tax plan that delivers 58 percent of its benefits to the top 1 percent of taxpayers.

Our guest blogger is Andrew Jakabovics, Associate Director for the Economic Mobility Program at the Center for American Progress Action Fund.

McCain’s much-hyped speech today on the nation’s current economic woes turned out to be much ado about nothing. His largely superficial descriptions of the nature and origins of the housing and credit crises demonstrate that McCain is a straight talker only when he says he knows nothing about economics.

His only proposal to address the current problems homeowners are facing is to get mortgage lenders to pledge to help cash-strapped, but credit-worthy, customers. He must have been out on the campaign trail last August when President Bush announced the Hope Now Alliance, which is a coalition of mortgage lenders and servicers that agreed to do just that. Unfortunately, the Hope Now Alliance’s track record is poor. Participants have not demonstrated the ability (or, some would argue, the willingness) to make widespread, substantive changes to mortgages that would result in sustainable payments for borrowers. McCain is pushing an ineffective policy six months late.

McCain claims he is open to new proposals that provide no bailouts to investors or speculators, but he made no mention of either Sen. Chris Dodd (D-CT) or Rep. Barney Frank’s (D-MA) proposals to address the current crisis, which meet the universally accepted no bailout criterion. A true straight talker would acknowledge that there are serious legislative vehicles in Congress to address the current crisis and state his position on them either in his current role as Senator from the deeply impacted state of Arizona or in his aspiring role as president.

Today, Sen. John McCain (R-AZ) is scheduled to give a speech to the Orange County Hispanic Small Business Roundtable in California. In his prepared remarks, McCain promises to offer “some straight talk” on the nation’s economic woes, promising to “evaluate everything” in order to help Americans. But what are his ideas to solve the crisis? From his speech:

– “[I]t is time to convene a meeting of the nation’s accounting professionals to discuss the current mark to market accounting systems.”

– “We should also convene a meeting of the nation’s top mortgage lenders.” (Note to McCain: The Bush administration already tried this approach, and it failed.)

– “I am prepared to examine new proposals and evaluate them.”

That’s right — a year after other leaders began calling for action on the mortgage crisis, McCain is calling for two meetings and is willing to study other ideas. But the time for meetings and studies passed long ago.

While others sought to prevent the emerging credit crisis, McCain has sat on his hands. In fact, on Feb. 17, McCain told ABC’s This Week that a government fund “to help borrowers who are facing foreclosure on their homes” isn’t necessary.

Both House Financial Services Committee Chairman Barney Frank (D-MA) and Senate Banking Committee Chairman Chris Dodd (D-CT) have already unveiled serious legislative proposals to stabilize the shaky housing market. Either McCain is oblivious to these plans, or he has already decided that he’s not going to bother to “examine” and “evaluate” them.

McCain has consistently voted against mortgage protections and other steps to help consumers fight unfair credit terms. A look at his record:

– McCain voted against discouraging predatory lending practices. In 2005, McCain voted against an amendment prohibiting law-breaking high-cost predatory mortgage lenders from collecting funds from homeowners who are forced into bankruptcy court. [S. 256, 3/03/05]

– McCain failed to vote on bill to overhaul mortgage lending practices of FHA. In 2007, McCain failed to vote on passage of a bill that would overhaul the mortgage lending practices of the Federal Housing Administration (FHA). The bill would reduce the required minimum down payment for an FHA-insured loan and simplify its calculation, requiring a flat 1.5 percent of the appraised value of the home. [S. 2338, 12/14/07]

–- McCain failed to sign on to the Predatory Lending Consumer Protection Act. In 2003, McCain failed to add his name to this legislation, which was intended to “protect consumers against predatory practices.” The bill, which was endorsed by a host of civil rights and housing advocates, including the U.S. Conference of Mayors, ACORN, and the Consumer Federation of America. [S. 1928, 11/21/03]

– McCain failed to sign on to Truth in Lending Act. Less than four months ago, McCain failed to sign on to this bipartisan initiative providing protection to consumers taking out home mortgage loans. Among other measures, it was designed to “establish new lending standards to ensure that loans are affordable and fair.” McCain also refused to co-sponsor this legislation in the 107th Congress as well. [S. 2452, 12/12/2007]

McCain’s primary solution to dealing with the flailing economy? Waiting it out. Also on ABC’s This Week on Feb. 17, when asked whether he was “open to helping homeowners,” McCain replied, “I am open to helping homeowners. I would rely to a large degree on the situation of time.”