John Roemer, a professor of political science at Yale who specializes in the economy, says that neither candidate is taking the necessary steps to invest in K-12 education.

"[Investing] is the best-known method we have of redistribution," Roemer says. "That is how we level the playing field."

If the candidates' education proposals strike some as tepid, Bush's plan for Social Security is either very bold or very risky, depending upon whose opinion you ask.

Bush would allow younger workers to invest part of their payroll taxes--about 2 percent of their income--in personal retirement accounts. He promises not to raise payroll taxes and says he won't cut benefits for current retirees. Since the money paid into Social Security by workers now is paid directly to older beneficiaries, the Gore campaign wonders where Bush will make up the incomes slated for the new personal retirement accounts.

Gore would use the budget surplus to pay down the debt, and use the savings on interest payments to extend the life of Social Security for several more decades. Bush's campaign, by contrast, questions whether Gore will raise the program's eligibility age to cover the cost of baby boom retirees.

Both campaigns have offered comprehensive prescription drug plans. Gore's would add a costly benefit to Medicare. Bush has proposed giving eligible Americans a stipend to spend on a choice of plans, administered either by HMO's or by Medicare.

Both sides have put forth substantive proposals, and they recognize the danger of distractions.

Republicans now admit that Bush's reluctance to accept the debates was a bona fide tactical error.