While calling a temporary retreat on welfare reform, President Carter has moved briskly to deal with another tough domestic policy problem: the near bankruptcy of the Social Security system.
Because of the recession and soaring benefits for some 30 million Americans, the system has been paying out more than it is taking in from Social Security taxes. Outgo is expected to exceed income by $5.6 billion this year, and if the trend continues, the system will run out of money by the early 1980s. Carter's solution combines liberal and conservative elements: he proposes both an increase in taxes and a slowdown in...
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