I can deal with this information existing and even being collected someplace. It;s almost impossible not to collect some of this (the metadata from phone calls for example, is logged at the phone company as a matter of course)
What bothers me is the lack of due process involved to access it. If district attorney wants to tap my phone lines he needs to show a judge enough reasonable suspicion to get him to sign a warrant.
If the NSA wants to tap my phone they just have to type my name into a search box and click a button.
I'm fine with the government being able to listen to phonecalls, see web traffic, etc for suspected terrorists and interstate criminals and the like...but they should still have to prove their suspicions enough to get a warrant.