I am still not sure what the actual Bush proposition is, but I am a big proponent of personal accounts. Long term investing has always earned a higher rate of return than social security and the prospect of a pot of gold at the end will make people more risk-averse that would make people follow a less risky life-style. What I would really like to see is the end of social security, but that is not on the table. Short of that, this is the best proposition, in my opinion.
The Bush plan really does nothing to address the actuarial deficit. It merely allows folks under 50 to borrow from their standard SS benefits at 3% over the inflation rate, and buy stocks. I would never do that - ever.