Social Security: Sticking His Neck Out

Social Security reform has been a protracted game of chicken, but finally it was President Clinton who had to make the first move. For years, neither he nor congressional Republicans have wanted to be the first to offer a major reform package, since whoever did so would surely get hammered by the other side. But Clinton needed a bold idea in his State of the Union address to help divert attention from that little matter in the Senate.

The Clinton plan would consecrate most of the budget surplus over the next 15 years to Social Security, delaying its collapse from 2032...