Our current Social Security system is in disarray and in need of serious repair. The current economic crisis has made this a priority, since much of what retirees had counted on for their later years, has suddenly vanished in thin air. Our portfolios and our position in the market have been decimated by Wall Street’s greed and corruption. Most Americans have been hit hard in the wallet, as retirement programs have lost about 50% of its value after the recent market collapse. We need to protect the Social Security Trust Fund by expanding its ability to shield all Americans from economic downturns, as many of our elders don’t have the time to recover the losses as they enter into retirement age. Where is the bailout for our elders? No one in Washington seems too concerned about those who have provided their labor, sweat, and blood for the betterment of this great nation.

As it stands, it is imperative that we lower record budget deficits and pass a constitutional balanced budget amendment. Otherwise, we will not be able to pay retirement benefits after year 2043. Furthermore, the government should provide a savings plan similar to the 401k provided by businesses, to encourage all Americans to save for their posterity. It should be of no surprise that Americans are not saving as much as they should for their retirement. Congress should step in to ensure that our economy remains healthy through a balanced combination of savings and investments.

The plan I am proposing, would allow all Americans under a certain tax bracket to contribute an allotted amount of money to a savings account that would be managed by the Federal Government. This amount is separate from what we currently contribute through our Social Security taxes, and participation would not be compulsory. However, the funds of those who choose to participate in the savings account, would be matched by the federal government; and these “savings” would supplement Social Security for retirees. The plan that I am proposing, would encourage Americans to save more for retirement by providing a venue with little or no risk at all. We should in no way privatize, reduce benefits, or raise the retirement age as a means of reforming social security, as that is not the way to fix the problem.