Fine, concise discussion until the conclusion: "We need a well-funded Social Security program for everyone who needs it (and not those who don’t need it because they are wealthy)." News flash: Social Security is run by the same types of folks, facing the same lousy incentives, as the ones badly running many state and local pension plans.
(And let's not mention that Social Security has been sold, lo these many years, to the American public as a social insurance program, not a transfer program.)
You can smear lipstick on a pig, but that doesn’t change its innate porcinity.
Officials of the California Public Employees Retirement System, the nation’s largest pension trust fund, tried Monday to cast its very anemic investment earnings – well under 1 percent – in a positive light.