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ALBUQUERQUE, N.M.. April 6, 2009 -- The debates are going 'round and 'round on "fixing the economy."

Perhaps we should focus upon entirely new ideas and models instead of repairing financial structures and infrastructures that have failed the industrialized world miserably in the past decade or two. So, when prodded by colleagues I keep envisioning an economic rebound which actually accrues to the benefit of American taxpayers.

It might be the only real chance to recoup recent retirement losses. How about this?

1. The biggest hit to average Americans has been loss of investments, retirement accounts, home equity values, and prospects for a more dismal retirement.

2. The Social Security Trust is currently only allowed to invest in U.S. Treasury Bonds, Bills, and Notes, period.

3. The Social Security Trust has long been bankrupt and is only a bookkeeping entry used to shift funds from general accounting to appear solvent. I received a Soc Sec letter recently telling me the system goes bankrupt in 2040 without changes.

4. US taxpayers now essentially own the world's largest insurance company, all of the investment banking industry, large chunks of commercial banking and mortgages, paying agents for mortgages and consumer credit, and automobiles. We are told that there actually will be repayments, and perhaps even profits some day. Thus,

5. If and when, if ever, whenever, returns and repayments start trickling in to the US Treasury (a few repayments have started), Congress must designate that 100 per cent of these funds be escrowed in a real Social Security account to augment future payments and ease the impact of taxpayers' losses.

Most financial professionals have long ago said that self-directed (not the same as "privatized") social security funds using equities (stocks) and corporate bonds - managed the same way pensions are managed for college professors, congressmen, IBM employees etc - are essential to our retirement survival.

Chile and Spain used US-designed models for these successful transitions. But the political reality is that scare tactics and the most recent incarnation of 1929 thinking will never allow this to happen in the USA. My idea to re-fund the Trust with any recovered assets would at least help.