"and it is but this hand-to-mouth retired element that should at all receive Social Security upon retirement "
There are several questions that need to be answered before such a strong assertion can be made reasonably. I assume you have all the answers.
1. Is it the role of government to step in?
2. If so what level of government?
3. Are you assuming SS is a national program when you make this claim?
4. How do you prevent a moral hazard?
5. What about reasonable rates of return?
6. What about survivor benefits?
7. How are assets to be managed if this is a government program?