Would you trust this man with your retirement funds?

Senator Robert Menendez was in town yesterday, to mark the 75th anniversary of Social Security. While it's true that many Americans have come to depend upon this entitlement, it's equally true that Social Security is simply running out of money. As of this year, the program is now running a deficit. Its "trust fund" (comprised of nothing more than federal IOU's) is expected to run dry in 2037. Clearly, the system is in dire need of reform.

Senator Menendez, however, opposes the very reforms that are needed. At yesterday's media event, he expressed his opposition to the creation of private accounts for younger earners. "Privatizing means taking something that is a guarantee and making it a risk in the market," he said. "We want to see a guaranteed Social Security, not a risky bet on Wall Street."

With the federal government spending money like there's no tomorrow, Social Security hardly feels "guaranteed" for those of us whose retirement years are still decades away. We'd rather have real ownership in private retirement accounts. And we'd happily accept the risks of the market over the promises of a career politician.