In last week's column, I explained that Social Security must eventually be reformed to deal with the demographic time bomb represented by aging baby boomers. The system works perfectly at a ratio of three taxpayers to each Social Security beneficiary. But once all of the boomers move from the intake side of the Social Security pipeline to the outflow side, we will be at a 2-to-1 ratio, just two taxpayers supporting each Social Security retiree.

And Social Security, AS IT IS CURRENTLY STRUCTURED, simply does not work at a 2-to-1 ratio.

So, how can we restructure Social Security?

Listed below are 10 realistic proposals for reforming Social Security, with a very brief argument for and against each one. They are divided into two sections: proposals for cutting benefits and those for raising taxes. Next to each is a number expressed as a percentage. The numbers indicate the portion of Social Security's long-range deficit that would be wiped out if the proposal became law. So if you can find solutions totaling 100 percent or more, you have successfully reformed Social Security!

CUT BENEFITS

Increase the retirement age to 70 by 2030 — a 68 percent fix:

Good idea: People are living longer, healthier lives.

Bad idea: Would you really want to work until you're 70? Employers will be faced with higher health care costs for older workers.

Reduce cost of living allowances paid to Social Security beneficiaries by 0.5 percent — a 37 percent fix:

Good idea: Economists believe the current formula overstates inflation for seniors.

Bad idea: COLA reductions are cumulative. The longer you live, the more you will suffer financially.

Reduce benefits by 5 percent for all future retirees —- a 26 percent fix:

Good idea: All retirees should share responsibility for shoring up Social Security.

Bad idea: Lower income beneficiaries could not afford the reduction.

Means test: reduce benefits to people making $45,000 or more — an 85 percent fix:

Good idea: Ensures Social Security paid only to people who need it the most.

Bad idea: Would turn Social Security into a welfare program.

RAISE REVENUES

Raise Social Security payroll tax by 0.5 percent — a 53 percent fix:

Good idea: A modest price to pay for long-range Social Security stability.

Bad idea: Extra tax burden would discourage savings and investment.

Tax all earnings (current payroll tax base is $90,000) — a 77 percent fix:

Good idea: Impacts only higher income people who can afford it.

Bad idea: Would be a huge tax burden for very wealthy.

Tax all Social Security benefits (currently only a portion is taxed) — a 16 percent fix:

Good idea: All other pensions are taxed.

Bad idea: Would hit middle-income taxpayers the most.

Require all state/local government workers pay into Social Security — an 11 percent fix:

Good idea: All working Americans should pay for Social Security.

Bad idea: Would jeopardize many well-run government employee pension plans.

Using these or other proposals for reforming Social Security, can you come up with a plan to keep the system solvent for generations to come? And maybe more important, if you ran for Congress with your plan, could you get elected?

To find out more about Tom Margenau and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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