Chris Edwards says that they are working in Canada.
In just the past year, TFSA account assets increased 34 percent, and the number of accounts increased 16 percent. In June 2014, 13 million Canadians held $132 billion in TFSA assets. Given that the U.S. population is about 10 times that of Canada, it would be like 130 million Americans pouring $1.3 trillion into a new personal savings vehicle.
Edwards also links to a 2002 proposal for Universal Savings Accounts.
Of course, if you believe in secular stagnation or the r-g is a big problem, then the last thing you want to see is more saving.
I don’t think this would trigger envy-based opposition from the left due to the contribution limits. They’re essentially useless to the truly wealthy, and likely decrease wealth inequality by giving the middle class a tool to catch up.