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We want to develop innovative ways to promote savings so more Americans can save for their future, but first we need to reject privatization schemes and work together to strengthen Social Security.

The president and Republicans in Congress have repeatedly promised to revisit Social Security privatization after November. But Americans have already said, loud and clear, that they don't want Social Security to be privatized or dismantled.

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.

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.

The Social Security trust fund is in pretty good shape today and we should not embark upon risky, dangerous schemes which will, in fact, undermine Social Security, such as privatization.

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

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

The President's proposed privatization plan would jeopardize that security by cutting guaranteed benefits for future retirees and endangering the benefits of current retirees, people with disabilities, and children who have lost a parent.

What we should be trying to do is to encourage people to establish private retirement accounts and help them take pressure off the Social Security system.