But the process can't begin until choices are presented clearly. Unfortunately, the council didn't do that. Although its members endorsed various benefit cuts, these were overshadowed by the three complex stock plans. What inspired these radical schemes is a mix of ideological fervor and intellectual arrogance. Liberals hope to insulate Social Security from benefit cuts.
Economists think they can raise economic growth by increasing saving.
The result is deepening confusion and eroding public confidence. The various plans are so complicated they hardly can be explained, let alone defended. Social Security and Medicare are great successes. To stay that way, they must adapt to change. This report sets the process back.