The important thing to remember is why the right wants privatization. The drive to create private accounts isn't about finding a way to strengthen Social Security; it's about finding a way to phase out a system that conservatives have always regarded as illegitimate. And as long as that is what's at stake, there is no room for any genuine compromise. When it comes to privatization, just say no.
Two fundamentals are beyond doubt, however. Firstly, privatisation will offer higher potential benefits in return for greater risk - more so in the Bush plan, which would include stocks, than in the Galveston plan, which is based on bonds.
Secondly, social security involves a significant element of redistribution, because high earners help fund the pensions of the poor, who receive more than they pay in. In a privatised system, it is everyone for himself.