For decades, policy wonks on the Republican fringes had talked about turning Social Security, the government safety-net program for retirees, into a system of private investment accounts.

NEWYORKER: Fussbudget

"When they can't fix the problems with the social security and the employment system, we need to have a safety net to capture the poor, " said Tadashi Yamamoto, professor of social security at Ritsumeikan University in Kyoto.

WSJ: Japan Welfare Case Stirs Debate on Who Should Care for Needy

Given the parlous state of urban China's social-security system, peasants would continue to regard land as a vital safety net, to be relinquished only in extreme circumstances.

ECONOMIST: But only for a select few

Moreover, no workers were left to rely on the government safety net guarantee backing up the accounts due to poor investment performance leaving them with less than the old Social Security system promised.

FORBES: Social Security Personal Accounts And The Financial Crisis