Social Security crossroads

Robert Novak thinks a compromise plan may be in the works:

[Senator Robert] Bennett's plan would attack the unmistakable Social Security funding deficit by cutting benefits, graduated to hit hardest in upper income brackets. There would be no tax increase. President Bush's proposed voluntary personal accounts as part of Social Security would be written into law but would not go into effect for five years, when George W. Bush would no longer be president.

Hardly a month ago, it was inconceivable that Bush would accept such a watered-down proposal. But now, it is probably the most that can be hoped for. Whether the Republicans declare victory, such a proposal will shape partisan politics into the future.

“Watered-down?” This would be a huge victory for President Bush just by establishing the concept of individual accounts (they would start as an add-on with the option to move payroll taxes later) and avoiding a tax increase. Let the Democrats think they’ve scored a win here. In fact, ignore everything I just said.