Recall with the Bush plan for the privatization of Social Security, how we wouldn't be trusted to invest our own money, but would have to choose from a selection of government-approved plans?
Because governments are really good at investing. (And that's when they're trying to invest responsibly. When they're not, it's worse.)
This can be done well - the mutual fund-type plans government employees are allowed to invest in seem to do well. But, of course, the Bush Administration took those off the table for privatized Social Security. I suspect because there's not enough profit in that type of plan for those to whom they would steer our "investment".
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