NEW YORK (CNN/Money) - Social Security reform, here we come! At least if the President gets his way.

But Mr. Bush does not strengthen his case, and plays into his opponents' argument that he is manufacturing a phony "crisis" by continuing to say something that neither makes sense nor is really true: that the Social Security system is going bankrupt.

First of all, think about it. Bankruptcy is a concept that applies to private companies that run out of revenues and have to close their doors. Government programs are legislated, mandated by laws that don't go away if money gets scarce. When that happens, the Congress has to find more money.

In addition, even when the system hits mid-century and the trust fund no longer has IOU's from the Treasury to cash in and pay for benefits, the program doesn't go bust!! Administrators, at worst would simply have to cut retirees benefits by about 25%. Not a pretty sight, but not "bankruptcy."

Another important issue still not spelled out by the President - how to pay for private accounts. Opponents fear the money will be found by taking money out of the pool of payroll taxes, or "carving" the funds out.

Until Mr. Bush is clearer on where the money comes from he will be open the charge made by Democrat Harry Reid last night: That the White House plan would mean trading a guaranteed benefit for a guaranteed benefit cut. More details please, Mr. President, if you want your agenda to move forward.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.