That's how you end up with the NSA and CIA being inside every single camera in the country :)
If the camera itself is not bugged, it likely is harvested at another step at some point and nothing's more clear that if NSA wants to see what a camera sees, they are able to tap it if needed. Sure, untapped cameras exist, but it doesn't really make a practical difference. The NSA will still have your information if it wants, and likely already has most of it.
It's likely that for your security camera footage to be accessed you would have to be targeted. It's likely that such targeting would only affect footage in the future or very recent past. But I'd grant that pervasive attackers can probably capture exponentially-decaying single video frames from millions of cameras if they were appropriately motivated, and those single frames could go back quite far.
The real problem here is the existence of such a system creates a kind of panopticon [0], with chilling effects not only on activity and discussion contrarian to the current administration, but also any future administration that may have access to electronic surveillance records. Without knowing how long records are kept, it is quite plausible that a future authoritarian state will misuse past records to target civilians.
Actually, as another commenter mentioned, they probably already are doing it. It would be stupid to think otherwise.
> The people of America seem to be fine with it.
The people don't care that they're being watched. That's the main lesson I took from the snowden leaks. I think most people might even like it because they think it means there will be less crime.
The NSA's warrantless surveillance program (https://en.wikipedia.org/wiki/NSA_warrantless_surveillance_(...) and the CIA's Operation CHAOS (https://en.wikipedia.org/wiki/Operation_CHAOS) are two examples of this behavior.