THE STRENGTH OF THE MACROECONOMY IS THE UPPER BOUND. A public pension plan can be no stronger. Here's No Oil for Pacifists.

I'm not saying there's no risk associated with stocks and bonds. But at least you own them--you have no right to Social Security benefits, which can be changed or eliminated by future legislation. And would you invest in a corporation that admits it will lose money within five years and run out of capital just over 20 years later? Even a mediocre stock market may be better.

Simply put, Social Security is unsustainable. So, which is more prudent? Or the Ponzi Scheme? Which is the greater gamble?

Extensive cross-references provided there.