Using the Social Security surplus for debt reduction has become a popular position over the past year as the surplus mounts. But is that necessarily the best use of money that was paid by taxpayers for retirement benefits? Representative Mark Sanford (R-S.C.) is proposing "The Personal Lockbox Act," a soon-to-be-introduced bill that would take the FICA tax surplus money and prepay workers’ benefits into personal retirement accounts. This would ensure that the money would be spent as it was originally intended--on retirement benefits--and it would create accounts necessary for the partial privatization of Social Security. In this seminar, Rep. Sanford will first present his proposed bill. AEI senior fellow Newt Gingrich and Urban Institute president Robert Reischauer will then discuss the proposal in a panel moderated by AEI resident scholar Carolyn L. Weaver.