In the past, I’ve heard passionate opponents of privatizing Social Security argue that won’t do because it would expose people to the vagaries of the stock market.
Detroit may prove that counting on taxpayers to fund your retirement is not better than betting that folks will continue to buy Coke and McDonald’s hamburgers. Especially so if taxpayers disappear.
There may be $4 trillion in unfunded public pensions. Not sure why people trust public officials with their retirement.