1. Social Security's long-term fiscal imbalance is relatively small and can be addressed through a series of relatively modest changes in rules, eligibility, etc.
2. Private accounts actually make the Social Security imbalance worse, not better, in the short to medium term. Transition costs are estimated at $1-2 trillion. In addition, there are many difficult issues that would have to be resolved to create a well-designed private accounts system. The upshot is that private accounts are an attempt to change the fundamental nature of Social Security (for better or worse), while also addressing financing shortfalls through borrowing and rules changes. They are not a direct solution to the imbalance except in the long term.
3. The massive long-term shortfall in Medicare financing is a much, much bigger problem than Social Security. No one has any good answers for dealing with this. If you have any, please call Congress.
That is all.