[. . .]
Our country needs a full national discussion [about Social Security] of all the ideas on the table. One idea being put forward is in the wrong direction for fixing Social Security and will actually make the problem worse, not better. Taking some of the money that workers pay into the system and diverting it into newly created private accounts would weaken Social Security and put benefits for future generations at risk.
AARP is opposed to private accounts that take money out of Social Security.
In addition, private accounts are expensive. Just to switch to this new system could require as much as $2 trillion or more in benefit cuts, new taxes or more debt. Most of us would then have to pay twice to gamble on this new plan-first to keep our commitments to current retirees and again to pay into these private accounts. Some critics of these personal accounts think that Wall Street, not retirees, would be the real beneficiaries. [my emphasis]
[. . .]
At least the old folks see how badly Bush screwed them over the prescription drug plan. This time, they're not on their knees, ready to fellate him for vague promises. They know now, that the only ones helped by any of Bush's 'reforms' so far have been the HMOs and Big Pharma.