Socializing 401k plans

Democracy Now had a story about a proposed plan to have the government take over the 401k pension plans all over the country and run it as "a mandated, a universal supplement to Social Security" where the individual wouldn't exposed to the risks of the stock market and would get a guaranteed return.

The socialists were ecstatic about the idea, of course, and it is hard to imagine legislators passing up another cash cow the size of social security.

Fortunately, its mere proposal is an admission of the utter failure of Social Security, since a guaranteed retirement pension is exactly what Social Security is supposed to be doing for us. So if we admit that Social Security is failing to do what it was designed to do, why should we expect yet another government sponsored pension plan to fare any better?