How do you read the piece that way? He calls bulk data collection useless: "It doesn't make us any safer." If he were carving out kinds of bulk foreign surveillance that would be acceptable were it not for the potential for abuse, I think it would be clearer.
Or are you discussing something else he has written?
Schneier calls bulk spying worse than useless. What he says is (emphasis mine):
"This is where the NSA overreaches: collecting data on innocent Americans either incidentally or deliberately, and data on foreign citizens indiscriminately. It doesn't make us any safer, and it is liable to be abused."
We know that politicians like to keep dirt on their opponents to protect their fiefdoms, and we have seen the phenomenon of sudden, unexplained resignations. We also know that government oversight of the secret agencies is lax. Some say effective oversight is not possible.
I admit to bias here - Germans of a certain generation are intimately familiar with the abuses of the Stasi.
Or are you discussing something else he has written?