Lets get one thing straight. The Social Security trust fund as it is set up now will NEVER run out of money. That is true as long as the thieves that run this country right now keep their hands out of its pocket. Yes, its true that in around 2017 we will start spending down the current surplus, but by 2030 we should start building the surplus back up. The baby boomers aren't going to live forever.
Paul Krugman writes as much in today's NYT. The fact of the matter is that the private account scheme is nothing more than a Wall Street give away. Do you think that someone is going to administer these accounts for free? No, brokerage firms are going to make billions off of this, billions of YOUR money.
By the way, the baby boomers currently have billions in the stock market right now though 401ks and IRAs. What do you think is going to happen when they retire? That gets cashed out meaning the market will drop. What do you think happens to your little nest egg then? It drops like a rock. Also, the last person guarding the corporate gates from a fraud free for all, Eliot Spitzer, is about to leave that job for the governor's mansion.