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I believe that we should allow younger workers to contribute toward a personal account that they own, as long as it is coupled with deficit reduction measures that enhance the long-term condition of Social Security.

Social Security not only helps Americans enjoy a secure retirement, it has also kept millions of Americans out of poverty.

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.

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.

Social Security is one of the greatest achievements of the American government, protecting our elderly against poverty and assuring young people of a more secure future.

Social Security should have a self-sustaining portion that was funded by contributions from both employers and employees. That's what we know and have known for 70 successful years.

As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system.

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.

To allow all U.S. workers to put part of their earnings into private investment accounts would definitely erode the Social Security system and cause uncertainty for new investors.