I agree, but you need to get around the typical scare tactics being used associated with private accounts: you could lose your money. Of course, if you keep it in SS, you will lose your money, but that is never mentioned. Congress does not want to give up SS, becuase they use it as a source of revenue for their spending.
The KRC Plan: have both systems. On your W-2, there will be a checkbox to say whether you want the deduction from your paycheck to be sent in to the government for SS or whether you want it sent to a similar system to 401k. It is a good compromise. The people who want private accounts can have their private accounts. People who want to rely on SS can keep SS. You are going to create a deficit in this system, but you will create a deficit regarldess of any solution you provide. To help with this, you can increase the age to collect SS to keep it in line with the original scheme. I am against cutting benefits. To make up the rest of the deficit, you cut federal spending.
Under this scheme, I see a gradual phasing out of SS. The younger generation will put their money into private accounts. As the older people start to pass away, there will be less and less people relying on SS. The program will phase itself out.