Social Security reflects the best of America's values. It promises all Americans that if they work hard and play by the rules, they can retire and live in dignity. Social Security is not a handout. It is a benefit that Americans earn, by working and paying into the system.

Social Security has been a remarkable success. Today, less than 10 percent of seniors live in poverty. If not for Social Security, that figure would be about 50 percent. Social Security is the primary source of income for two-thirds of seniors, and the only source of income for one-fifth of seniors. The program also is critically important for disabled Americans, and for millions of spouses and children of workers who die.

Social Security faces long term challenges but, contrary to some claims, it is not in crisis. According to the nonpartisan Congressional Budget Office, it will be able to fully meet future obligations for 40 years, and then still will be able to pay higher benefits than are provided today, even after adjusting for inflation. Yet while the program is strong, it does face long term challenges that we will need to address on a bipartisan basis.

Unfortunately, instead of strengthening Social Security, many in Washington have focused on privatizing the program. I strongly oppose privatization, which would weaken Social Security, not strengthen it.  Most privatization proposals, such as the one developed by former President Bush, would require very deep cuts in benefits. These cuts would exceed one-third for many Americans, and they would apply to all seniors in the future, even those who choose not to risk their benefits in privatized accounts.

I also am concerned that privatization could require more than $5 trillion in new debt to finance privatized accounts. Much of this borrowing would come from foreign countries like China and Japan, further increasing our nation's dependence on foreign creditors. This huge new debt would pose unnecessary risks to our economy, and threaten to slow growth and lead to large tax increases in the future.

Some have argued that privatized accounts are a way to address Social Security's long term problems. The truth is, such accounts actually make matters worse, not better. As proposed by former President Bush, these accounts would have drained money from the Social Security Trust Fund, cut funding that the program needs, and accelerated Social Security’s insolvency. That is the last thing we should be doing.

At a time when fewer workers have the security of a defined benefit pension plan, and most Americans have suffered substantial declines in their retirement savings, the importance of Social Security has never been more clear.  That’s why it is so critical that as Congress considers any related legislation, we work to strengthen the program, not undermine it.

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