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Not only is privatizing Social Security not the solution to Social Security, it would exacerbate the problem.

We can preserve Social Security benefits for generations of Americans without privatizing this important program.

However, the Administration's plan to privatize Social Security will undermine retirement security for all Americans by cutting guaranteed benefits by more than 40 percent, and risky private accounts won't make up for the loss of benefits for millions of Americans.

Privatizing Social Security doesn't make sense, and it's out of step with the fundamental value of ensuring that after a life spent working hard and contributing to the greatness of our nation, every American should have a secure retirement.

Funding privatized accounts with Social Security dollars would not only make the program's long term problems worse, but many believe it represents a first step toward undermining the program's fundamental goals.

The privatization plan weakens Social Security and threatens our economic security by creating trillions of dollars in new debt.

The retirement age needs to be raised. A portion of Social Security ought to be privatized, if not all. And there probably needs to be some means testing. It's a Ponzi scheme that's not sustainable.

Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers.

Social Security is not just another government spending program. It is a promise from generation to generation.

But there is a need to explore ways we can preserve the promise of Social Security for future generations.