First, Social Security is not an entitlement. People and their employers pay into it.
Second, any privatization program would not impact people over 40 (various plans go lower)
Third, these plans all guarantee that the resulting payout will be no lower than what "regular" SS would have been.
Third, I an 64, if my and my employers SS contributions had been put into an account that tracked the Stock Market, I would have a private account with over 3/4 of a million dollars. This is even after the recent downturn and would pay more in interest that what I will receive from Social Security and would go to my kids when I die.
Privatization is a good idea that the Democrats hate because it will stop them from being able to spend SS taxes.
I wish it has started 40 years ago.