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If Peter Orzag's calculations are correct in this New York Times article, in the first 20 years of privatization, it would cost $4.5 trillion dollars to shore up a system projected to run a $3.4 trillion deficit over 75 years. Bush wants to commit the government to an unnecessary extra $1.1 trillion of spending that will still result in my benefits getting cut when I retire.
That's about right. Well, not entirely -- what they want to do is put this in motion and then a few years from now scream "crisis" again and cut benefits further. But, yes, as is being proposed, Jesse is correct -- we want to borrow an extra trillion so that we can cut everyone's benefits by 40%.