It is clear the first priority, and rightly so, of President Bush is to secure a sizable tax cut for all Americans.

Sunday, March 25, 2001

It is clear the first priority, and rightly so, of President Bush is to secure a sizable tax cut for all Americans.

Unfortunately lost behind talk of tax cuts and the slowing economy is Bush’s campaign idea to reform Social Security. Indications are the president plans to form a Social Security Commission this spring. The commission’s establishment is seen by many as a good thing. On the other hand others feel the formation of a commission is the "kiss of death" for any meaningful reform.

For the sake of the country and its younger workers, let’s hope the optimists are correct.

A report earlier this week brought some good news on the Social Security front. According to the report, Social Security will remain solvent until 2038, a one-year increase from previous reports.

Despite the improvement, the solvency of Social Security rightly remains a concern. During his campaign for the presidency, Bush pitched the idea of privatizing a portion of Social Security. Bush’s campaign promise was to reform Social Security allowing younger workers the ability to seek out investment options.

Data compiled after the stock market’s recent tumble, indicates a privatization of Social Security would return more money to America’s retiring workers than the current system.

Because of the positive impact reformation of Social Security could have on the economy, the president and Congress need to keep it among the top priorities. While tax cuts currently occupy the spotlight, and mid-term elections will soon make meaningful reform difficult, the president needs to keep pushing his Social Security plan.

His plan makes sense and the sooner it is implemented the better for all Americans. A reformed Social Security system that affords investment options to American workers and a higher rate of return is a system all should support and welcome.