Bush tried to base Social Security on the stock market in 2005, how well would that have worked?

[JohnS]

The Republican Party since Barry Goldwater was all about a particular agenda. Sometimes it's called Movement Conservatism. It is committed to undoing the New Deal. They are anti-union, anti 'welfare state' and especially the crowning glory of the New Deal, Social Security. If we had privatized 1/6 of SS as Bush wanted, it would have led to SS being phased out altogether in a few years for lack of funding. Bush never explained how we would make up the shortfall of shunting 1/6 of FICA payments into private accounts.

Fortunately, the idea was a non-starter even with Bush's 'base'. President Eisenhower was the one who called SS the 'third rail of politics'. Even Ronald Reagan wasn't dumb enough to try to privatize SS.