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.
I can and do fund IRAs. The personal accounts are especially beneficial for the lower income workers who simply don't have any money leftover to fund private retirement accounts. Those folks would be able to divert some of those "confiscated" funds into personal accounts. Can you picture a lifetime minimum wage worker leaving an inheritance? Personal accounts make that ,not only possible, but also lilely. And that is a good thing.