“It won’t work in the US because politicians will see a new pot of money and take it.”
That’s right; they’ll keep some and give some to the grasshoppers.
Two years ago, then Cong. Thad McCotter introduced the SAVE SOCIAL SECURITY ACT that he and Peter Ferrara came up with. Based somewhat on the Chilean model, it save Social Security without raising the retirement age, raising the withholding tax, lowering the benefit or privatizing the system. It went NOWHERE because the Federal Government managed the PERSONAL accounts but could not TOUCH them.