FROM THE OFFICE OF PUBLIC AFFAIRS

I share President Bush's goal of making Social Security stronger and more secure for this generation and for future generations. We must take action now to enhance personal retirement security by putting Social Security on a firm financial footing so we can keep our commitment to current seniors and also meet the needs of our children and grandchildren.

Ownership, access to wealth and independence should not be the privilege of the few. They are the hope of every American, and we must make them the foundation of Social Security.

Modernizing Social Security with voluntary personal retirement accounts will enable individuals to build financial wealth and retirement security in a way that the current Social Security system does not. Personal accounts invested in safe private financial markets will earn higher rates of return than the traditional system and help workers enhance their personal savings and their freedom to retire. Individual ownership of a real financial asset will protect against political risk over retirement investment decisions, providing more security for working Americans.

Since at least 1926, the real return on a portfolio of equities held for 40 years has always exceeded the real return on a portfolio of government bonds held for 40 years. It's time to put the miracle of compound interest to work for all Americans.