U.S Senator Debbie Stabenow was elected by her colleagues to the third ranking Democratic leadership position in the U.S. Senate in January 2005, giving Michigan a stronger voice in Washington. In her new leadership post, she is a leading voice in the fight to keep Social Security secure and ensure its solvency through the 21st century.

Social Security is a great American success story. Before Social Security, half of older Americans were living in poverty. Now, it's less than 10 percent. It represents the best of American values - if you work hard and play by the rules, you earn a secure retirement and a basic quality of life in your older years.

Social Security is more than retirement. It covers you through a financial crisis for the loss of a spouse or parent, or disability. It protects you whether you are a 25-year-old starting your career, like my daughter, or a 78-year-old retiree, like my Mom.

Let's look at the facts:

Nearly every working American - including me - pays into Social Security.

According to the nonpartisan Congressional Budget Office, Social Security can pay 100 percent of its commitments through 2052. After that, it will be able to pay 80 percent. We know Social Security faces long-term challenges, and I intend to be part of the effort to strengthen it.

But privatization is not the answer, because the numbers don't add up. In fact, the Bush Administration's plan to privatize Social Security doesn't do anything to ensure the long-term solvency of the program.

Privatization would cut benefits by one-third or more - even if you choose not to participate in privatized accounts. According to the Center for Economic and Policy Research, the average retiree would lose more than $152,000 in benefits over a 20-year retirement.

The administration's privatization plan also includes a complicated "privatization tax" that reduces benefits by up to 70 percent or more. Essentially, as the government would initially lend workers the money to open a private account, they would require you to pay it back with interest when you retire, thus imposing an additional tax and reducing your Social Security benefits.

Beyond its deep benefit cuts, privatization would add $5 trillion in debt over 20 years. Much of that money would be borrowed from countries like China and Japan, which already hold half of America's foreign-owned debt.

America now faces the largest budget deficit in our history. Taking on more debt could hurt the economy and drive up interest rates. All that Americans will own under privatization is nearly $17,000 in additional debt - that's how much each man, woman and child will "owe" if we privatize Social Security.

We must reject privatization schemes that don't make sense. We need to work together; there are small things we can do now that will have a big impact in strengthening Social Security. We also must develop innovative ways to promote savings, so more Americans can save for their future.

Working together, we can keep the security in Social Security.