From the folks at The National Review:
GEORGE H.W. BUSH DISAVOWS PRIVATIZATION:
... back in 1987.
Crack TNR editorial assistant Ben Adler recently fished this H.W. Bush quote out of the TNR archives (from the November 23, 1987 issue):
I think it's a nutty idea to fool around with the Social Security system and run the risk of [hurting] the people who've been saving all their lives.... It may be a new idea, but it's a dumb one.
For those keeping score, the comment came in response to a question from fellow presidential candidate Pete du Pont during a presidential debate. Du Pont was an advocate of partially privatizing the program.