Time for Bush to put up



Orlando Sentinel: The latest report from the trustees for Social Security reinforces the need for Congress and President Bush to agree on steps to shore up the program.
While the trustees projected the program's trust fund would last until 2041, they forecast that Social Security's annual benefit payout would exceed payroll tax collections by 2017. Between 2017 and 2041, Congress would need to find more than $5 trillion to supplement payroll tax revenues if no changes are made in the program. That could lead to hefty tax increases, draconian spending cuts or massive borrowing.
Bush deserves credit for urging Congress to confront a problem now that won't start becoming acute for more than a decade. He is right that acting sooner will limit the pain in whatever steps Congress agrees to take.
No details
But the president has hurt his cause by not proposing a comprehensive solution. So far, he has offered details only on his plan to allow younger workers to divert part of their payroll taxes into private accounts. Even he acknowledges those accounts won't ensure the program's long-term solvency. Benefit cuts or tax increases, or some combination, will be needed.
Some of Bush's political opponents seized on the trustees' conclusion that Medicare is in worse shape financially. But that's not a good excuse for abandoning Social Security reform. It's a better argument for both parties working together with the president to close Social Security's funding gap.