President George W. Bush has acknowledged what everyone knew about his Social Security plan: the American people don't want it. They want a guaranteed benefit. They can continue to have that, but not today's benefit at today's tax rate.

The people have two broad choices: cut the benefit or raise the tax. We suggest a combination of both. The Social Security tax began in the 1930s at 2 percent. It now is 12.4 percent, counting employer and employee shares, which the economists say both come out of employee compensation. This is a tax on labor, and a fairly high one. The higher it is raised, the more employers are discouraged from offering work. We suggest the rate not be changed.

The tax stops at $90,000 in earnings. The reason for capping the tax is that the benefit is capped, also. Even so, the cap can be raised more aggressively, bringing in some of the money Social Security will need.

There are several ways to do a benefit cut. Earlier this year, Bush proposed to change the way the benefit is calculated so that it grows more slowly. Over decades, it makes a big difference. Technically, this is a reduction in an increase, though it still feels like a cut. It means a beneficiary will receive less than he would have if the change had not been made.

Another way is to raise the retirement age. For those in good health, this is the best solution, but at 67 — and the standard retirement age is already set to rise to that point — the health of some workers is not good. Raising the retirement age beyond 67 is a lot to ask of those who do physical labor.

Keeping the current benefits and the current tax rates is not an option. An exotic answer, such as quasi-privatized personal accounts, is off the table.

That leaves a limited menu of solutions about which serious Republicans and Democrats can reach agreement. The sooner they do, the smaller the adjustments need be.