In the closing days of the 2004 presidential campaign, both incumbent George W. Bush and Sen. John Kerry have opted for scaring voters. Bush warns that Kerry will not pursue terrorists or protect the United States with the same vigor and determination as his administration. For his part, Kerry warns voters that Bush will further damage the economy, will soon destroy the global environment. Kerry further suggests that the flu vaccine shortage is Bush's fault and hints that a secret plan to re-instate the military draft is in the works in the Bush White House.

Scare tactics apparently do work, and both candidates are pushing as many anxiety-causing hot-button issues as possible. But while looking to scare voters about his opponent, neither candidate has offered any detailed plans to deal with a truly scary prospect - the looming crisis in Social Security.

With 77 million baby boomers rapidly approaching retirement, Social Security will be paying out more in benefits than it receives in tax income by 2018. And by 2042 with the baby boomers enjoying a longer life expectancy than previous generations, Social Security is projected to be bankrupt - unless serious reforms are undertaken. And all experts note that reform measures now would have to be far less dramatic than if politicians continue to ignore the problem for years or decades.

Bush has expressed preference for a partial privatization plan that would to allow younger workers to invest a small portion of their payments in limited, low-risk stock market investments that would be expected to earn a higher rate of return than the estimated 2 percent return on current Social Security funds. But the transition costs of moving to such a system are estimated at $1 trillion, and Bush has not revealed how he wound fund this change.

In recent campaign speeches, notably to senior citizens in Florida, Kerry has said plenty about what he would

not

do with Social Security - he has promised to not raise taxes, to not increase the retirement age, to not reduce benefits and to not consider any privatization plan. But he has said nothing about what he

would

do to fix the Social Security system that all experts agree is headed for serious trouble, and eventually insolvency.

Pledging to stick to the status quo is really not an option, but just about any reform plan will have critics, and a presidential campaign is an inconvenient time to aggravate any voters.

The crisis facing Social Security is not speculation or political scare tactics. It is simple math; an equation with projected tax receipts on one side and the demographic bulge known as the baby boom generation on the other.

In 1950, there were 16.5 workers paying into the Social Security system to support each retiree. Today, every Social Security recipient is supported by just 3.3 workers. By 2018, each retiree will receive benefits paid for by only two workers. The trend is clear - and clearly unworkable.

Something has to change, but neither candidate for president has offered any detailed plan for addressing a financial and social crisis that will dwarf the war in Iraq, outsourcing of jobs or Medicare drug benefits.

Voters can only hope that after the election is over, the next president will face his responsibility to deal seriously with this issue.

But since the 2008 presidential campaign is likely to begin on Nov. 3, there is a good chance Social Security reform will remain on the back burner in Washington.