Some facts from the NYT

Yes, he is a liar

If Mr. Bush were not so serious about privatizing Social Security, his urgency would be silly. Compared with other challenges looming for the government, it's a non-problem. The shortfall in the Medicare hospital insurance fund is two to three times the size of the Social Security shortfall, and that fund is projected to be insolvent some two to three decades before Social Security. Taken together, the costs of the Medicare prescription benefit and of making the tax cuts permanent - Mr. Bush's two main domestic initiatives - are 5 to 8.5 times larger. And his hair is on fire over Social Security?

One point about the tax cuts: It's always assumed by supply-siders like Bush that tax cuts don't really cut into federal revenue since they will inevitably spur economic growth which will, in turn, lead to increased federal tax revenues - but this never happens. Both in the 80's and now, large tax cuts have lead primarily to overwhelming national debt and have forced debate in Washington about which social programs need to be cut or "reformed" be it Head Start or Social Security. These are not the sort of choices a responsible government should regularly be making. Our promises to future generations should be kept and not debated and any desire to cut taxes or make unnecessary war should take this into account.