People say a lot of things about Social Security -- a lot of it nonsense. But I haven't heard something like this in a long time. John McCain says that Social Security, as originally conceived more than 70 years ago, is an "absolute disgrace."

McCain told a townhall in Denver on Monday, "Americans have got to understand that. Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace and it's got to be fixed."

It's really a disgrace? That's how the system was designed to operate. And it's served as financial bedrock of retirement security in this country for going on a century.

Late Update: Here's the video...