This noted liberal is honest enough to admit that the public WANTS private soc security accounts and that's why they must be stoped now!

"Conservatives believe, not without reason, that private accounts will offer an invidious comparison to traditional Social Security. Workers will note that the taxes they send off to the traditional program disappear, while the money in their own accounts grows before their eyes. The private accounts will, in most cases, also appear to provide a higher rate of return. As noted above, the comparison is deceptive--traditional Social Security will be bearing the weight of the legacy debt, disability benefits, and, for affluent workers, redistribution to those earning less. But the comparison will create a constituency clamoring for expansion."

"As conservatives well understand, once a group of voters has been given a property right by Washington, they will never allow it to be taken away. The individual rights will be a ratchet, one that can be expanded but never contracted. The pressure for expansion would be especially strong during extended bull market runs, such as during the late '90s, when the public (and even some economists) tends to delude itself into thinking that stocks will rise forever."
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This is a wonderful example of elitist liberal think. Can't let the unwashed have the choice (exception: killing unborn life) of what to do with their hard earned money. Ted Kennedy can manage it better. Can't let them get started because they'll want more freedom and choices. Stop them now. Can't let the voters decide. No siree.

Finally this classic appeal to ideology. An ideology that was set nearly 75 years ago in very different economic times...

"There will be plenty of time in the future for shoring up Social Security or adding spiffy new savings vehicles. In the meantime, the crown jewel of the New Deal faces an existential threat. Defeating that threat is the task to which we must presently address ourselves."