The idea was the Government was wasteful and inefficient, welfare queens were driving Caddy's in the Ghetto and there was no incentive to work if you gave someone a little less than needed to live, mediocre health care and school lunches.
Now the truth is clearer, the private managers are far more corrupt than government, the guys from the Ivy's are mostly inbred 3rd and 4th generation guys that are dumb as a stump and feel entitled to, well, everything.
This country was built on the backs of immigrants and the middle class, the hard working people who didn't think about Country Club memberships, status cars and getting into "elite" schools. Now we are being asked to bail out the all of the organizations that were put in better hands by the neo-economists in the last two decades. The IPO's are over, the money is in off shore banks and now pension funds and common shareholders are being asked to pay for the failures of the best and brightest.
Remember when you hear the talk on private management of Social Security, that would be the last goal of the neo-conservatives, elimination of the inter-generational contract that has tied one generation to the next since the 1930's. The plan will fail, but not until all of the money is stolen by Wall Street, and then we will be England with better teeth and a new royalty.