Doug, this is ridiculous. Clinton specifically proposed NOT having social security money put in private accounts, but preferred having the government invest some of the money directly in equities, for which he was roundly attacked by the rightwing. See our friend James Glassman testifying agains the plan here: http://www.aei.org/publications/pubID.17035,filter.all/pub_detail.asp
Clinton also proposed private accounts IN ADDITION to social security, funded by $500 billion in general revenues that would go overwhelmingly to the poorest Americans to build up some real retirement savings for them. See this Urban Institute analysis http://www.urban.org/Template.cfm?NavMenuID=24&template=/TaggedContent/ViewPublication.cfm&PublicationID=6443
Each worker would get a refundable tax credit of up to $400 each year, even if they didn't pay income taxes. The government would also match any additional contributions. For example, a worker making $10,000 per year who saved $550, would receive the $400 basic amount, plus an additional match of $550, so they'd end up with an additional $950 from the government for savings.
All of these matches would phase out by $50,000 per year in income, so Clinton was talking about a program spending roughly $50 billion per year solely for working families.
That was an incredibly progressive plan, so to compare it to W's monstrosity is insane.
Nathan Newman