With personal accounts, such price-indexing was completely unnecessary, as workers over time would be replacing the promised wage-indexed benefits, which Social Security admittedly cannot finance, with the fully funded personal account benefits financed by real savings and investment.

FORBES: How George W. Bush Lost Personal Accounts For Social Security

There was an extreme anti-indexing culture that existed on Wall Street at the time (and still does).

FORBES: How I View ETFs