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The value of Social Security should be determined by its effectiveness as a social insurance program, combining elements of both individual equity and social adequacy.

Because benefits are related to a worker's lifetime earnings, individual equity is an intrinsic part of the Social Security concept.

But to understand and evaluate the program, we have to remember that certain features of Social Security are geared toward meeting broad-based social needs rather than simply whether or not an individual is getting a good return on the dollar.

For example, the basic benefit formula is designed, and always has been, to replace a higher proportion of earnings for low earners than for high earners.

Also, there is another part of the social adequacy aspect of Social Security. Dependents' and survivors' benefits are paid to workers with families.

Because the program strikes a balance between the goals of individual equity and social adequacy, I believe we must judge Social Security's value by how well it performs as an entire package of social insurance protection.

The value of benefits for any given worker depends on his or her individual circumstances, whether that worker has high earnings or low earnings, whether that worker is married or has children, whether that worker becomes disabled, dies prematurely, or receives benefits far into old age.

Some people can expect to get back more than they put into Social Security, some to break even, and some to get less.

The value of these programs cannot be overestimated. For example, over 40 percent of male workers and nearly 30 percent of female workers will become disabled or die before they reach retirement age.

They may not get their money's worth if you only look at whether they get their contributions back and do not consider the program's other aspects.

So Social Security disability and survivors' benefits assure workers that they and their families will not become destitute. And when we assess the value of Social Security, we have to take that into consideration.

Social Security is an integral part of American life. Virtually the entire labor force pays Social Security taxes.

And people count on Social Security to be there for them when they retire. And they count on Social Security to be there for their families should they become disabled or die.

The American people have a right and a need to know that Social Security is still a valuable program.