As expected, the Advisory Council on Social Security today released three separate recommendations on fixing the system. All three proposals would allow at least part of Social Security's assets to be invested in the stock market.
Seven council members support proposals that would let individuals direct some of their Social Security payroll taxes into individual accounts. But a third proposal, supported by the council's remaining six members, opposes such individual accounts.
Advisory Council member Gloria T. Johnson, president of the coalition of Labor Union Women, said unions plan to launch a grass-roots campaign to derail any efforts to ``privatize'' Social Security. Meanwhile, several supporters of efforts to let working Americans set up individual Social Security accounts, including Sen. Bob Kerrey, D-Neb., today urged Congress to move fast.
Senate Finance Committee Chairman William V. Roth Jr., R.-Del., said the likelihood that Congress will adopt legislation to invest some Social Security trust fund assets in the stock market greatly increased with the release of the report. Mr. Roth will hold hearings to discuss the council's recommendations.