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No, I think Bush's SS plan is an attempt to destroy the program. By making it essentially another welfare program - which is what will happen if you severely reduce benefits for middle and upper classes to negligable levels - ideological opponents will find it easier to kill the program. Like Paul Krugman said, programs for the poor often turn into poor programs, because there is no organized constituency behind them. Then, SS can be killed, because the poor don't have any power or influence.
I'm not opposed to private accounts - as long as they are add-ons. Keep SS, adjusted with a higher cap and paid for with reductions in Bush's tax cuts, and offer add-on private accounts to individuals. Which is, more or less, what Democrats have been proposing for a decade.
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