My understanding is that it wouldn’t work in America because of how that many people putting that much money in the stick market would distort it very badly. It’s one of the reason that it wasn’t done when social security was first created, that and the fact that the stock market had just crashed a few years earlier.
SS wasn’t privatized because the Powers That Be (the Inside the Evil Beltway Establishment Swamp Critters!) that maintain the existing the power/control/wealth axis and lust for more power/control/wealth cannot allow We the People to control our own destiny!
Theory? Fact? Doesn’t matter:
What’s theirs is theirs and they are going to keep it!
What’s ours is theirs if they can get it!
POTUS is upsetting their apple cart!
He is breaking their rice bowl!
He is not one of them!
Therefore POTUS must be destroyed!
That is why We the People cover his six, and not ever elect a Democrat or a Rino to office again!