As for the concerns of administrative cost, we get what we pay for. The current system is nothing more than two separate things: 1) a tax 2) a welfare system. Big gob of money in and checks out. With private personal retirement accounts, we will have immediate ownership of the funds, they will not be subject to bureaucratic whims, the returns (even with the administrative costs) will far exceed anything that Social Security will pay out. Well worth the cost to get a system that lets us keep our money and finance our own retirements.
There is a huge cost to the taxpayers already sitting in the approx $9 trillion unfunded liability. The sooner we privatize the retirement accounts and fund that liability, the quicker we reduce that debt cloud hanging over our childrens' heads.
