Due to favorable economic, demographic, and political factors, the Social Security system has attained a level of success that exceeds the merits of its original design.

While such success would be virtually impossible to duplicate, this measure will still be held against any significant reform. Therefore, even if private stock accounts were to succeed by sheer chance, the victory would be lost.

However, an unpopular reform like private stock accounts would be abandoned at the first sign of weakness. This means that the costs will be visible immediately, but the benefits may never be seen. Not to mention that a reform that compromises the basic integrity of the system could do lasting and irreversible damage to the program.

Even though economic projections show that the system faces future financing challenges, projections are simply projections. In the same way that the dark storm clouds of yesterday are soon forgotten in the bright sunlight of tomorrow, people will not remember the dire economic predictions of today.

It is simply too difficult to believe that the program faces an imminent crisis when it has not shown any signs of weakness. Millions of retired Americans continue to receive their Social Security checks each and every month, and benefits have not yet been cut.

If President Bush truly wishes to protect the long-term solvency of the system, his primary focus should be restoring the Social Security trust fund.

« Prev | Blog | Next »