Most of us will agree that it is time to fix Social Security. I come to the fix-Social-Security-table from a different perspective: America's economic prosperity in the 21st century will be defined by our ability to shrink the gap between rich and poor in America and retain economic opportunity for middle class working men and women.

I put this in the context of why Social Security itself was created: Early in this century, poverty among seniors was a defining social problem. To address it, we created Social Security. Today's parallel defining social problem is the growing disparity between the rich, the middle class and the poor. More than half of American workers live paycheck to paycheck. After paying their bills, most have no disposable income left for savings.

By contrast, twenty five percent of Americans are defined by their ownership of capital and savings. Money is an economic tool which should be open to all Americans. There are two sources of income: Income from wages (I get a job and I get paid) and income from savings. One third of all income comes from savings. Money makes money.

Social Security provides the only major resource in letting money make money for everyone. Fifty-seven percent of American workers earn $18,000 a year or less. The $18,000 worker pays $2,232 to Social Security, and most likely has no extra money for savings. But, through existing Social Security payroll taxes, all Americans are huge "savers."

The debate over adding Personal Retirement Accounts to Social Security focuses on whether these accounts will weaken or strengthen the future Social Security system as well as our essential guarantee of a decent retirement income for all. Personal Retirement Accounts actually strengthen our ability to pay future benefits and preserve the safety net. It is important to note that for every dollar individuals accumulate in their Personal Retirement Account, the future liability Social Security faces lessens.

With the current budget surpluses, we have a window of opportunity to make significant strides toward opening up ownership of wealth to all working Americans. Let's address the entire Social Security problem head-on while we can still afford it. Policies implemented today surmount the entitlement hurdle and build a savings and economic growth agenda – save Social Security and maintain future economic growth. Invest between $90 and $120 billion a year (approximately 3-4%)or 3-4 percent of payroll in Personal Retirement Accounts. Let working individuals own these accounts, and give them the opportunity to pass their nest eggs on to their heirs. This policy option requires what FDR called "bold, persistent experimentation."

This is an economic growth agenda, restores the savings leg and creates and opportunity to retirement security and creating an opportunity to double Social Security benefits for two-thirds of future retirees.

A bold program requires courage and fiscal responsibility, which brings me to one of the major focal points in the Social Security debate: Where will Congress find the money to fund Personal Retirement Accounts, while preserving benefits to current seniors and a strong safety net for all Social Security recipients today and in the future?

First, there are no easy choices. However, the toughest choice results from doing nothing. The future economic prosperity of the United States and of all our citizens will be worse under this option. If we wait, entitlement deficits will threaten future economic growth.

If we think creatively - we can find the means to build meaningful Personal Retirement Accounts for all Americans and at the same time meet our obligations to existing seniors, without entitlement spending crippling our economy of future standard of living.

The January 1999 Congressional Budget Office report, "The Economic and Budget Outlook: Fiscal Years 2000-2009" reports with clarity that entitlement spending left unchecked seriously threatens our future economy. The CBO report shows that if tax cuts or spending increases eliminate the surpluses projected for the next ten years, federal debt will rise to $33 trillion or 100% of GDP by 2033; $86.4 trillion or 200% of GDP by 2040; and $225.9 trillion or 260% of GDP by 2043. This won't happen, but this is the major entitlement hurdle that we need to overcome beginning today.

Under a funded system, Social Security benefits will be paid through Personal Retirement Accounts, and ultimately, lower the dependence on excessive payroll taxes on future generations under the outdated pay-as-you-go system.

Once the Personal Retirement Accounts begin to gain interest and grow substantial savings, Social Security benefits increasingly will be paid by the income from the Personal Retirement Accounts. As each dollar of benefits is paid from the Personal Retirement Accounts, reduce the pay-as-you-go current law benefit by 75 cents.

The issue here is opportunity, not obstacles. We can surmount any obstacle, especially in today's economic climate. We have a tremendous opportunity, through Social Security, to extend the Roth IRA model to every working American. Once we agree on principles and a direction, it is possible to achieve anything.