"If you are an American citizen and have no intention to overthrow or bring harm to the United States and it's citizens, you have nothing to fear from NSA."
Who watches the watchmen?
Who quarantees that the system does not get corrupted?
How do you know to whom your reports are given?
How do you even know how they are used?
If someone would use the information for e.g. blackmailing - how would you know?
It is common narrative in movies / scifi to describe totalitarian regimes that are democratic on the surface. Not because it would be hard to come up with that kind of system - but because it is very easy to go that way, once the parts are in place. I would arque that many if not all of needed pieces are already in place. And everything will be done for "the better of the country".. (as currently in North Korea, Egypt, you name it).
I just wonder how long it'll take someone to break into the NSA and get their hands on this information.
Well, once information is collected, it is of course much easier to transfer to someone. I wouldn't be too surprised if even one or three foreign countries would have much of the data that matters. Couple of guys in right positions with enough "top secret" stamping can do wonders. Just think about it: how about someone who can say what data to gather for "security" purposes, and then just not telling that what the data is really good is blackmailing purposes. Why not to do it, if you have guys in rights positions?