This is a good point. DC is no more “unaffordable” inherently. DC puts the volatility of upside and downside shocks on the individual (or more practically an ag

This is a good point. DC is no more “unaffordable” inherently. DC puts the volatility of upside and downside shocks on the individual (or more practically an age cohort) versus smoothing it out over wider age cohorts. For example, I have lots of savings. The market up 20% this year is great for me. Not so much for the next age cohort who face mathematically lower returns from this level. If anything DB at the margin forces more realistic upfront accounting (despite pension accounting flaws) because when an entire age cohort faces ruin they will vote to socialize much of the pain anyway ex post.