several other countries have tried it with various degrees of success. in England, it was a massive failure with the upshot being, at present, a majority of elders there also get supplemental welfare in order not to slip into poverty.
administrative fees wound up taking up to 30% of the accounts value. the level of corruption associated with privatizing pensions was historic.
of course some people got rich.

this proposal, more so than the various militaristic adventurism that has & will continue to characterize this administration, will have a deeply profound impact on this country & its social structure.

the possibility that the ‘welfare state’ will, by necessity, have to grow to meet the back end consequences of a hastily passed legislative program changing the social security safety net, should be enough to study the hell out of any proposal put on the table.

President Clinton: “[W]hat I Believe We Should Do Is To Invest A Modest Amount Of This In The Private Sector, The Way Every Other Retirement Plan Does. The Arizona State Retirement Plan Does; Every Municipal Retirement Plan Does; Every Private Plan Does.”(President Bill Clinton, Remarks To The Citizens Of Tucson On Medicare And Social Security, Tucson, AZ, 2/25/99)

President Clinton: “[E]ven After You Take Account Of The Stock Market Going Down And Maybe Staying Down For A Few Years, Shouldn’t We Consider Investing Some Of This Money, Because, Otherwise, We’ll Have To Either Cut Benefits Or Raise Taxes To Cover Them, If We Can’t Raise The Rate Of Return.”(President Bill Clinton, Remarks Via Satellite To The Regional Congressional Social Security Forums, Albuquerque, NM, 7/27/98

sandy, don’t quibble. That is an accurate depiction of your ideas.