First of all, I was wrong about supporting the idea of allowing individuals to invest part of their social security money.
While I still support the idea of private accounts that can be passed on to heirs, there must be strict limits. That's because it's clear Americans won't take personal responsibility for losses and instead will demand the government make up for any substantial losses. It's also evident that politicians will find a way to "help" those affected by a bad market, especially if it is at least partially due to some "fraud" like Madoff or a "crisis" like the banks are enduring. The end result would be capitalism due the good times and socialism during the bad times. That is unsustainable. It would make the system collapse.