Media Credit: newsart.com / Margaret Scott [Click to enlarge]

There is debate on Capitol Hill whether there is in fact a Social Security solvency problem. Frankly, I question why there is in fact a debate on this matter. There is a crisis. The sooner we all understand that, the sooner we can act to fix the dilemma.

According to the Social Security Trustees, "13 years from now, in 2018, Social Security will be paying out more than it takes in and every year afterward will bring a new shortfall, bigger than the year before. And, when today's young workers begin to retire in 2042, the system will be exhausted and bankrupt."

Social Security is the greatest and most successful government program of the last century. It has provided a safety net for millions of Americans. It has helped guarantee seniors and the unemployed an income which they cannot provide for themselves. We cannot allow the system to collapse, and leave broken promises to the millions of citizens who will depend on Social Security payments for retirement. But unless Congress acts to reform Social Security, it will not be there for our generation when we retire.

I think President Bush deserves great credit for seeing this crisis and choosing to act to reform the system. Social Security has often been called the "third rail" of politics - touch it, and your political career will be ruined. That logic may have held weight in the past, but increasing public support for reforming Social Security leads me to believe that the American people realize the crisis - and we want our political leaders to take action to permanently fix the problem.

There are several good ideas on the table which Congress will consider when it drafts legislation on this matter. The president has said he is open to many of the ideas that both Republicans and Democrats have floated, among the ideas are: limiting benefits for wealthy retirees, indexing benefits to prices rather than wages, increasing the retirement age, discouraging early collection of retirement benefits, and changing the way benefits are calculated. None of these ideas alone will fix the system, but if passed, they would help Social Security remain solvent.

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