He stumped for two years or more to get the nation and congress behind privatization, but failed.
The bad news is that he failed. The good news is also that he failed, because if he had succeeded then Social Security would have been privatized right before the collapse of the housing market.
This would have ended up decimating peoples' private Social Security accounts and would have led to the decimation of the Republican Party.
I believe there was a safety net of sorts in that privatization plan wherein there would be a minimum amount of a SS pmt guaranteed in situations like this.
The plan also specified which investments could be made by offering a selection of mutual funds including MM, Bond Funds as well as stock funds with a limit on how much could be invested in any one aggressive fund.
Also when within 10 yrs of retirement there were further restrictions on investments into overly aggressive stock funds.