From the transcript of a presidential news conference as reported by the whitehouse:

\Because the – all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, for example, is on the table; whether or not benefits rise based upon wage increases or price increases. There’s a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those – changing those with personal accounts, the idea is to get what has been promised more likely to be – or closer delivered to what has been promised.

Does that make any sense to you? It’s kind of muddled. Look, there’s a series of things that cause the – like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate – the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those – if that growth is affected, it will help on the red.

Okay, better? I’ll keep working on it.\

I’m glad he cleared that up. Good to know he’s got such a clear understanding of the issues.