Only if their is a free-market choice component ( aka 401k type plan Which FDR wanted and it never occured ) and take it out of Congresses hands, oversight yes, but not control. As much as I can't stand them, if SSI dollars go out and buy an annuity of my choice from the private sector, I could live with it. I wish we had a dozen men and women like John Bogel to sit on the board of this private system. Mr Bogel is too old and every day we have him is a blessing.
IMHO Fedzilla basically tried to mimic insurance / annuitization with SSI. I suggest anytime they try to "mimic" the private sector ( can you say Obamacare? ) that they think again. we have had over 80 yrs of they me-too-ism fubar's enough is enough.
There are two problems I see with that solution. One we would have to go even more in debt to set up a 401K system. For example if the government is taking $10 a month from you to pay one retired person $20 a month (and already borrowing another $10 to pay that) and then changes the rules so that only $5 of what you pay goes to the retired person and the other $5 goes into a 401K we now have to borrow $15 a month to pay current benefits.
The second thing is that people don’t trust the stock market, especially after 2008. I mean look at all these state employees pensions that are now in the red. Most of them were estimating a 6%-7% return, which was a reasonable expectation considering the stock market has averaged a 10% return for about 80 years. Now, not so much and all these pensions are in serious trouble.
I’m just tired of seeing both democrats and republicans putting this country into more and more debt. I think it should be a conservative principle to pay for the services and programs we have without going into debt.