One thing I haven’t seen mentioned is that this financial crisis pretty much blows a hole in the idea of privatizing social security for at least a generation. SS is a lousy investment, but I don’t see anyone who’s lived through this ever agreeing to turn their “last resort” old age stipend over to Wall Street. Heck, it doesn’t do a whole lot for confidence in the whole 401K/self directed retirement paradigm.
You don’t see anyone turning away from it? I don’t see it surviving to pay anyone at all. You won’t have to turn away, the door will slam in your face.