by Jessica Smith

President Clinton is having trouble gaining sup

port at this time for his plans on the future of Social Security. Economists say that the virtue of Clinton's proposal is that by buying back the federal debt now held by the public, it will reduce future interest payments.

Critics of his proposal however, think it is extremely complex and confusing, and that it does nothing to secure Social Security for the long term. Vernon Vavrina, professor of Political Science at Marist College in Poughkeepsie, NY, said that he feels it to be ill advised to have Social Security money invested in the Stock Market.

"The market can go down as well as up. There will always be losers in the market that the winners will have to bail out," Vavrina said.

Peter G. Stillman, Political Science faculty member at Vassar College, also in Poughkeepsie, agreed that it seemed unwise for the government to put more than a pittance-10%-into various index funds because stock markets can go down for extended periods of time.

"If the U.S. market went down, we'd be in for depressing times, in which Social Security would be even more important than usual," Stillman said.

Stillman also said that he did not support making Social Security a somewhat private matter for individuals. "I think it seems unwise to 'privatize' Social Security by allowing individuals to invest some of it-then it is not Social 'Security', but even more risky than a private pension plan," Stillman said.

Currently, the revenues going into the Social Security system will be able to cover only three-fourths of the benefits that are supposed to be paid out in the year 2032. President Clinton's proposed plan to re-finance Social Security calls for: ( Using 2/3 of the hoped-for federal budget surpluses over the next 15 years to reduce the federal debt held by the public. ( Entering the Social Security ledger books credits for special Treasury securities that will represent the future liabilities of the system.

These credits will represent the future liabilities of the system, money that will need to be paid to retirees in 2030 and beyond. These Treasury securities will represent promises that benefits will be paid, but are not the real assets or cash that will be needed to pay those future benefits.

( Establishing new personal retirement accounts using some of the hoped-for budget surpluses. The new accounts would be akin to 401(k) plans, allowing workers to choose from investment options such as stock and bond funds. ( Setting up a board to invest in the stock market 15% of the assets held by the Social Security accounts.

Some in Congress, such as Comptroller General David Walker, are critical of Clinton's plan because it does not alter the projected cash flow imbalances in the Social Security program.

Walker told MSNBC online that he was skeptical of hiding surpluses more in Social Security because "those projected surpluses may not materialize." Walker was also critical of the fact that Clinton's plan does nothing to secure Social Security on a long-term basis.