Overall indeed the savings rate is negative. But lets not confuse averages with everyone. If your idea takes off (and it very well might when push comes to shove on the issue as most voters don't have any savings), it will put an even more negative impact on personal savings rates. In fact perhaps a much larger one.

Although grossly unfair, it likely has a better chance of being implemented than raising taxes on the masses because if the median voter has zero retirement savings outside of SS entitlements they would surely want the solvency problem of SS solved by other people's dollars.