The government confiscates 12.4% of Brendas income and sends it to my mother. In return she receives a revokeable promise from that same government that when she is old enough they will confiscate money from someone else's salary and give it to her. Private accounts would allow Brenda to keep a tiny portion of that 12.4% for herself and even pass it on to her heirs if she happened to expire before the government's approved age. How can that be a bad thing?
I believe the number talked about was a mere 3% of the 12%. What you never hear spoken about is the fact that the 3% eventually gets pumped back into the economy. A portion of that is regained by the government in taxes. All of it is out of the hands of the government where the value of that money is decaying due to inflation and lack of investing.
The more one looks at how bad an idea Social Security is the more one winces at the thought of it.
Like another poster said. If you are relying on Social Security as you only means of retirement you are already doomed. Personally I will feel no pity for you when you are dumpster diving for your meals.