Of course, any action has a RE-action. What are some of the ways you can think of that the dynamics of the market would be changed, for the better, or for the worse in light of the proposed privatization idea?
SS is not fatally flawed "because it did not adequately anticipate future rates of inflation or life expectancy." Its fatal flaw is its coerciveness. If one could freely buy and sell claims on future SS benefits, I assure you that the market mechanism would reduce participation and the price of the claim, thus raising SS returns to something reasonable.