Friday, April 3, 1998 | 9:13 a.m.
ALL Americans of every age are understandably concerned about Social Security's fate.
Americans deserve a well thought-out solution to make sure that Social Security will be able to survive the retirement of the baby boomer generation, starting in a decade. The existing system is expected to run short of cash by the year 2029. That's why it is so disturbing that a Republican plan unveiled in the House on Wednesday to establish a federal commission to examine Social Security's future actually could do more harm than good.
Under the GOP proposal, the commission would consist of eight members: four would be appointed by the Republican leadership in Congress, two would be named by the Democratic leadership in Congress and the remaining two would be appointed by President Clinton. Despite such a momentous task, the Republican leadership mistakenly believes the commission should come back with solutions quickly -- by Feb. 1 of next year.
The Clinton administration has a better approach. The president will focus attention on Social Security beginning next week, when he starts a series of town hall meetings across the nation. "The administration believes that such an open and inclusive structure, without a specific commission, provides the best opportunity for us to elevate the debate this year before beginning bipartisan negotiations next year," White House budget director Franklin Raines said. "In particular, such a flexible structure seems a more auspicious way of building the public understanding necessary for ultimately achieving reform than does legislating a commission."
Interesting ideas have flourished as the best way to preserve Social Security. But some of the concepts are radical and deserve much more explanation before any attempt is made to overhaul the system. Some groups believe Social Security should be privatized, by doing away with the payroll tax and making Americans handle their own retirement investments. But this plan, and other variations of it, are fraught with risk and need to be fully scrutinized.
House Speaker Newt Gingrich's rush to come up with a quick-fix is shortsighted since the severity of the problem is profound. Let's see what is learned from the president's national dialogue on Social Security and then take a look at whether a federal commission is even needed. If we're lucky, Congress and the president might be able to fashion a solution without the need for a commission.
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