Given the state of the financial markets, some people are revisiting the idea of personal accounts.  For example, Jane Bryant Quinn of Newsweek writes: "A few years ago, the dream was to put [Social Security money] in stocks and let folks take their chance. For your sake–or your mom’s sake–aren’t you glad we didn’t?"

No, I'm not glad.  For starters, let's forget the part about mothers.  In an article that addressed head on the misinformation surrounding Social Security reform, Ruth Marcus noted in the Washington Post that "the private account plan suggested by President Bush and backed by McCain would not have applied to anyone born before 1950" and "would not have changed benefits by a single penny for current retirees."  So let's leave our parents and grandparents out of this.

For the sake of our generation, should we take the current market conditions as a lesson about reforming the broken Social Security system?  As it turns out, two young Newsweek staffers down the hall from Jane Bryant Quinn debated the effects of the current financial situation on our generation.  And oddly enough they repeatedly mentioned the "definitely frightening" future of Social Security.

Yet in contrast to their concerns about "the lack of Social Security money" that the current system will provide, one of the debaters was optimistic about long-term investment, the same strategy that would guide personal accounts:

"[W]e're probably not the most knowledgeable financial advisers. But from what I've been hearing, I should just be playing the long-term game–not watching my 401(k) go up a little, and then down a little, but just keep contributing and not get too nervous. And since we're in our 20s, insurance company meltdowns like AIG's don't seem to have much of a bearing on our lives."

This is a refreshing view, and it reflects the truth of the matter: despite some volatility, the market performs well over the long run.  No matter if you support or oppose personal accounts, it doesn't make any sense to look at what the market does on one day or in one year.  The key is to think about what would happen over the course of the 40 or more years we would contribute to personal accounts.  And if you're not sure whether the market goes up or down over the long run, you can click here to see a chart of the Dow Jones Industrial Average since 1970.

For our sake, we need to follow our dream.