Quote from The Kin:
My correction, the young are putting in 12.4% of their total life earnings only to find out that they will receive a fraction of that when it comes time to retire. Not to mention a significantly higher retirement age.
Not at all. The President's Commission Report entitled "Strengthening Social Security and Providing Personal Wealth for All Americans" is THE proposal for private stock accounts.
http://www.csss.gov/reports/Final_report.pdf
Page 5:
"Social Security actuaries estimate that, for a single male worker born in 2000 with average earnings, the real annual return on his currently-scheduled contributions to Social Security will be only 0.86 percent."
Therefore, you will at least get out of it what you have put into it, and this comes from a report that has a very pessimistic outlook for Social Security.