By Doug Porter
Los Angeles Times columnist Michael Hiltzik has been on a tear recently, rolling out essays challenging the validity of claims made by those who claim privatizing retirement is the way of the future.
At the core of these conservative/libertarian arguments against public support for defined pensions is a fundamental belief in the supremacy of the “market” as a force in society.
The problem with this viewpoint comes when actual results for those programs participants are measured. The market has no obligation other than profit, which is only guaranteed for those managing the transactions. [Read more…]


