America's Pensions Can't Beat a Vanguard Account Or Finance a Transmission Line, But They Can Close Your Hospital
Summary
A provocative policy analysis arguing that US public pensions waste trillions on high-fee alternatives, yielding returns similar to a simple 60/40 index and underfunding critical national priorities. It compares Japan, Singapore, and China as models for domestic capital allocation and advocates redirecting patient capital toward infrastructure, housing, grid, and strategic industries, while acknowledging deep political capture makes reform unlikely without prepared bailout conditions.