Good idea but I have 2 concerns:
1. buy out with what money? The lockbox has been broken into so this will increase the debt.
2. Most people are not willing to be responsible enough to save. For example, there’s a huge percentage of people that have nothing besides social security when they retire. The younger generations are even worse at it, being raised in the entitlement-attitude schools. What will we do with all the destitute old people?
There is no incentive to save. There is a penalty on saving. Saving means you’re hoarding the collective’s wealth.
Ask Edward G. Robinson
2. A solution right up Trump’s alley: 55 & Over retirement resorts built on government lands. Owned by the government, operated by private companies for a standard 10% management fee. Housing for $200/mo, utilities for another $25/mo, laundry service for $25/mo, cafeteria food plan for $10/day. Lots of shops and bars and nicer restaurants and spas and golf and swimming pools for those with extra money to spend — all profits returned to the SS fund.