Take Courage from the Polls

December 22, 1999

The Washington Post is no friend of Social Security reform, but nevertheless chastised Democratic presidential contenders Al Gore and Bill Bradley for their reluctance to embrace the issue in their recent debates: "In private conversation, each would likely tell you there is no way that foreseeable revenues can cover the cost of current Social Security benefits once the baby boomers retire.... Pity that in their televised 'debates' last Friday and Sunday, neither felt able to share that understanding with the public whose support they seek."

In this, the Post is correct. But when the editors say, "The obvious choices are to find more revenue or reduce the government promises," they ignore the prospect of earning a greater return on payroll tax dollars by investing them in the market through personal retirement accounts.

While the Democratic candidates fought over who was most opposed to raising the retirement age, neither could bring himself to mention a policy that the majority of Americans want: the option to control their own retirement planning, to invest their payroll taxes in a personal account that they would own and control. Even Democrats, whose votes Gore and Bradley are fighting for, favor reform incorporating personal retirement accounts. (See the Zogby poll for details.)

Bill Bradley and Al Gore should find the courage to grab the Social Security bull by the horns. An easy place to find that courage is among ordinary voters, who have already decided that privatization is the reform that they want.

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