Editorial: A sane way to preserve retirement

There were grim Republican faces in the House chamber Tuesday evening as President Clinton gave his annual State of the Union address. It was hard to tell if they disagreed with Clinton's policies or whether his extraordinary job approval rating was giving them heartburn once again.

At least these members of Congress had the decency to attend and listen to the president's message, unlike a handful of other Republicans who boycotted the event because of the president's impeachment trial. Yet Clinton demonstrated why his performance in office is greeted with such hearty public approval and why calls by some members of Congress to postpone his speech were misguided.

On a number of issues the president sounded the right message, whether it was reaffirming his commitment to a patients' bill of rights or announcing that the Justice Department would sue tobacco companies, seeking to reclaim money the federal government has spent paying for smoking-related illnesses.

On arguably the most important issue, the preservation of Social Security, Clinton was correct to call on Congress to set aside 62 percent of the budget surpluses expected over the next 15 years, which is more than $2.7 trillion. Saving part of the surplus for Social Security is the right thing to do; the only worrisome part is the president's plan to invest one-fourth of the surplus in the stock market.

The administration needs to spell out in greater detail how this strategy would provide enough security, given the volatility of the markets. Conversely, some Republicans were upset that more funds won't be invested in the stock market -- or that privatization of Social Security isn't being pursued -- but the reality is that such a dramatic departure from current investment policies could be risky.

For the sake of the nation, on Social Security and other issues, the president and Congress need to deal with each other, even in this fractious atmosphere. There is an opportunity to reach common ground -- as long as the partisan barbs end.

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