The president should be commended for putting Social Security reform on the front burner of his domestic agenda. However, his first pass at a reform proposal is fiscally irresponsible.

Individual private investment accounts may be a good idea. Advocating financing the estimated $2 trillion, 10-year transition cost by increasing the debt is a very bad idea. With deference to the president and his MBA, his proposal is an attempt to apply a short-range political solution to fix a long-range fiscal problem.

Every legitimate study on Social Security reform has concluded that a viable solution rests with reducing benefits, increasing the tax or some combination thereof. Republicans and Democrats must compromise to resolve this issue, and the sooner, the better. Medicare, the kudzu of entitlements, dwarfs Social Security as a fiscal time bomb. Its reform will, as well.

Michael J. Keogh