It seems to me that these kinds of discussions tend to conflate forced government surveillence with voluntarily giving your information to other people (such as Facebook).
They are inexorably linked together, but we must speak precisely.
If the gov't convinced Facebook to sell its archive of data to the NSA for $1, would it be okay? Because the law as it exists says, yes, FB is free to sell its corporate intellectual property to anyone including the NSA. Ditto Mastercard. Ditto AT&T. etc. etc.
We have no guarantee of privacy simply because nowhere is it written that we any legal right to privacy. Maybe the problem is not solvable. But trying to solve this as simply a gov't that needs a better kind of leash is surely a doomed effort.