Americans do not have a good history of saving. As they say, a great many are living one or two months away from being homeless. What do you want to bet that a lot of those who opt for private accounts won't even sock it away. I can imagine some feeling rich for the first time, having all that extra 'disposable' income.

(Kind of like the Reagan years. Government lived high because it wasn't paying its bills.)

Then when it comes to retirement, will the government be required to support those who didn't put enough in to survive on?

My main objection, however, is the knowledge that directing funds elsewhere doesn't shore up a fund.