Still a good idea

The conventional thinking in political circles is that the financial crisis on Wall Street settles the debate over whether Americans should be able to invest a portion of their contributions to Social Security in private savings accounts.

It could also be argued that our Wall Street woes are an economic wake-up call for Americans, one that reminds them they can't afford to put out of their minds difficult questions about their own financial security just because those questions make them uncomfortable. And it makes the case that Americans shouldn't put all their retirement eggs in one basket, but should diversify investments and do what they can to preserve Social Security.

We would love to have that conversation. But, frankly, neither Republicans nor Democrats have ever shown much appetite for it. So wedded are they to the powerful yet provincial AARP that they're terrified of tinkering in any way with the current system.

The question is whether the time has come to alter the formula. Perhaps we could raise the retirement age to 70, or cut benefits by tying them to inflation instead of wages, or means-test the program so millionaires forfeit their return. Or perhaps we could allow for the private investment of a portion of our contribution to Social Security to try to enhance the return to individuals.