The Social Security system is nearing bankruptcy due to decades of mismanagement, a flawed structure and a lack of leadership and political will in Congress for meaningful change. What is worse, we have known for over 25 years that the system is destined for failure. Yet, every year, Congress shirks its duty to address the problems in Social Security and instead has implemented such preposterous "solutions" as raising taxes on Social Security benefits, raising the payroll tax cap, and increasing the retirement age for benefits.

Fifty years ago, there were 16 workers to support every person on Social Security. Today there are only 3.3 workers to support every beneficiary. By the time our children and grandchildren, those just entering the workforce today, turn 65, there will be only 2 workers supporting each person on Social Security.

In the year 2017, more money will be paid out to retirees than will annually come in to the system in the form of payroll taxes. By 2041, the system will be completely broke.

The current Social Security system can not afford to pay promised benefits for our children and grandchildren without enormous tax increases because the system is broken.

The Social Security system was not designed to be the sole provider of retirement benefits for our seniors. Nor was it designed to account for the large baby boomer generation, or to be a source of funds for Congress to raid to spend on one pork barrel project after another.

We can no longer afford to pour more tax dollars into the broken Social Security structure. The system must be changed to address current realities in the United States: the large baby boomer generation, which will soon reach retirement age; the proliferation and accessibility of personal retirement plans to most working citizens; and the known fact that our children and grandchildren will likely see none of the benefits they have paid into the system.

Recommendations

First, we must establish a system of optional personal retirement accounts. Personal retirement accounts will provide workers ownership of monies paid into the system, choice in the level of risk and potential return on investment, and the opportunity for workers to build a nest egg for their retirement and an inheritance for their families. Currently, nearly all citizens have access to personal retirement accounts either privately or through their place of employment. Personal retirement accounts provide their owners a long term rate of return that the current Social Security system can never match. Individual citizens - not the federal government -- will have the power to decide how a portion of their Social Security contribution is invested, and individuals will have the opportunity to benefit from the gains of long-term investing.

Second, seniors must be allowed to leave the balance of their personal accounts to their widows, children, and any other heirs they designate. It is unconscionable that those currently receiving benefits receive a near negative rate of return on their money, are taxed twice on their benefits, and upon their death the balance of their earned benefits is returned to the system. Social Security benefits are monies earned during the retirees' working years, and retirees should be able to leave the balance of their accounts to their families.

If we want to restructure the Social Security system we must apply Vocal and Persistent pressure on Congress each week.

Email, call or fax your members of Congress today. Send them this simple message: "Please support President Bush's plan for optional personal retirement accounts to restructure Social Security."

For more information:

Social Security Reform Center:
www.socialsecurityreform.org

Social Security Choice:
www.socialsecuritychoice.org

The Heritage Foundation:
www.heritage.org

Cato Institute:
www.cato.org