It is widely assumed, however, that it will be modeled on the plan developed by economist and Bush adviser Martin Feldstein. If so, another free lunch may soon be on the menu. Like the Gore plan, the Feldstein plan does nothing to reduce Social Security's long-term cost. Like the Gore plan, it banks on large fiscal and economic dividends which may or may not materialize. And like the Gore plan, it ultimately relies on massive infusions of general revenue to keep Social Security afloat.
Most people assume that the candidates advocate radically different approaches to reform.
And in some respects, especially Bush's emphasis on personal ownership, they do. If Bush embraces the Feldstein plan, however, there will be little to distinguish the two approaches when it comes to fiscal fundamentals. An Obvious Question Let's first look at what the Feldstein plan does. Every worker covered by Social Security will have a personal retirement account set up in his or her name. The money will be invested in private financial assets, apparently subject to the requirement that 60 percent of it be in stocks and 40 percent in bonds.