Thanks for the link, TK. It didn't contain the comptroller's testimony but the report itself is informative. What I find interesting is that the report does not conclude one way or the other on Bush's specific plan and only goes so far as to say, "Some degree of implementation and administrative complexity arises in virtually all proposed changes to Social Security. However, the greatest potential implementation and administrative challenges are associated with proposals that would create individual accounts." This is weak language that doesn't actually say that this type of reform is a bad idea, just that it requires some hard work to impliment (maybe that is bad, if you're an elected official). But obviously, when Walker sat before an audience of congressmen, the opinion he expressed was meant to stir things up more than the report itself.
Weed out the spin and you find that the GAO agrees with the president on one key point: they both recognise that if something is going to be done then it needs to be done soon. When Walker said, "Social Security does not face an immediate crisis, but it does face a large and growing problem," he basically repeated what Bush said in his state of the union address but without the same sense of urgency. There's really no excuse for Congress to drag its feet on this one. When asked if private accounts would solve the problem, Walker says little more than "maybe," which is understandable. I don't believe in quick fixes and gimicks either, but private accounts could help in conjunction with other reforms. The only other suggestions so far are tax increases and benefit reductions. This early in the debate we shouldn't be limiting our options to just those three proposals. If anything we need more options to talk about, more people need to come forward and make suggestions, even if they think they're stupid ideas. It's called brainstorming, and nothing should be ruled out at this stage.
In the report's conclusion it says, "It would be prudent to move forward to address Social Security now because we have much larger challenges confronting us that will take years to resolve. The fact is, compared to addressing our long-range health care financing problem, reforming Social Security should be easy lifting." In other words, this isn't such a big deal after all if Congress would only stop the pointless arguing and fix the problem. If some think the President's plan isn't so great then they should come up with alternatives. Hell, there are three or four ideas in this very thread that are worth some consideration. But if the Democrats are just going to pout and refuse to work the problem, make suggestions, and participate then those people really don't belong on Capitol Hill, do they? Time for these men and women to earn their keep, I say. If they have legitimate concerns then those need to be brought to everyone's attiontion. If they think it's too risky then they need to do the math and show everyone their work. The President might be wrong on this one, the point is that nobody knows for sure.
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