"As a matter of fairness, I propose that future generations receive benefits equal to or greater than the benefits today's seniors get."
To that, I say there is no free lunch. The actuarial deficit cannot be closed for free. Either you increase risk to get higher expected returns, with a downside presented by the left side of the bell curve of results, or you raise taxes. Granted, I don't think Bush really meant what he said, but well, he said it.
the free lunch is economic growth. Economic growth makes his statement feasible without tax increases, and frankly also with or without private accounts. Obviously your counter-argument would be that my definition of greater benefits (which I define in real terms) is not correct.
Less money will be diverted from the system unless you believe that you cannot make money from stocks or bonds or any private investment, which is a false belief!