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The issue about the privatization of social security that most people ignore is that to privatize it would mean that the money that is being paid into social security would be diverted to the private sector. Which would mean that people currently receiving social security would either have to have their benefits eliminated or the government would have to run a much larger deficit in the mean time.
Finally, the actual redistribution that the American federal government does is very modest by most standards. Which makes the whole "I don't want mah money going to them poor folk" a bit ridiculous (as it comes from people who have certainly used public schools, public roads, the massive government subsidy called "mortgage interest deduction" on the federal taxes, federally protected bank accounts and federally subsidized students loans, things that the poor have limited or no access to).
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