Yes, because the 401(k) replacing employer pensions was such an improvement. Oh wait, no it wasn’t.
Was originally pitched as a way to set aside a little extra money on top of your pension back in the 80’s. Now? They’ve used it as a pretense to do away with pensions entirely. Doing the same with Social Security is just gonna make it even harder on the elderly than it already is. And I say this as someone paying into a 401(k) myself.
Just lift the cap on wages subject to the payroll tax from the first $250k so that rich people pay into it. A lot of the shortfall would be righted doing that.