The existing federal Social Security system is streaking inevitably toward fiscal insolvency. Its financial problems can only be resolved—temporarily—by raising taxes and cutting benefits. But a fundamental and long-term solution is a system of partial privatization that allows workers to take control of their own retirement planning.

Many countries have already turned to private investment to restore fiscal soundness and improved retirement benefits to their government pension programs, increasing retirement security for millions of citizens. With a strong economy and government surpluses forecast for the next decade, the United States is in a strong position to successfully move to a privatized pension program that stimulates economic growth, promotes private savings, and restores individual freedom.