In an article by Robert Hardaway, a Professor of Law at the University of Denver, privatization of Social Security is described (albeit from a very high level) in more clear detail than the rhetoric that I have previously heard. Professor Hardaway makes the case, and rightly so, that contributions to Social Security make no guarantees regarding the future ability to claim those funds, due to the legislative vulnerabilities of the program.
He states that privatization, as defined in his article would be a reasonable answer to this conundrum. Not only could the investment vehicle be U.S. backed securities, which eliminates the argument previously made regarding investments being subject to the whim of the market, but Social Security funds in private accounts would also be immune to confiscation and adjustment by the U.S. Government, since the alteration of these funds and/or terms would offend the Due Process clause of the U.S. Constitution.
With these features in mind, it is hard to imagine how anyone could be opposed to such a move, except those that rely on borrowing these funds for other purposes, or who intend to profit from the continued control thereof. This might be a return to the true and noble purpose that Social Security serves, and might serve to cement this program for the benefit of future generations.