Maybe the one bone that Bush threw to libertarians was on Social Security. Here is my analysis of privatization.

The real benefit of Social Security privatization is never discussed by either side in the debate. That benefit would be that Congress could no longer arbitrarily raise benefits and thereby increase the obligations of future taxpayers. Today, Congress can pass a benefit increase, such as the recently-enacted prescription drug benefit for Medicare, without specifying how to pay for it. The incentive will always be to expand benefits to the point where the system is bound to collapse.