re: In just a few years, the average retiree will be receiving 37% more in SS than he paid in

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Just make IRA contributions obligatory at a >6.2% rate plus a 6.2% employer match.

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And then what happens when the market shifts wildly for each population entering retirement? Remember the 2009 retirees who got absolutely fricked by that market? Or what about people who would retire in 2021, when the market was insanely high?

Again, from an efficiency standpoint, it makes sense. Government programs are about stability and security and not efficiency.

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because SS's purpose is not to benefit retirees.

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It is, just not in the most hyper efficient way.

Also, the private IRA methodology would create some pretty hefty inflation. You'd have over $1T invested into private companies and investments every year.