Proponents of reforming Social Security via private retirement accounts (and I am one) often point to Chile as an example.
A think tank called The Century Foundation published this analysis of Chile's experiment with private retirement accounts. The good folks at the Century Foundation don't think partial privatization of Social Security is a good idea because the Chileans' program hasn't had the intended results.
Well, gosh, if the Chileans couldn't make it work, then I guess we can't either. Let's just keep the current, unsustainable pyramid scheme we have. I don't mind subsidizing people who already have more money than I do.