Union Hypocricy on Social Security

Larry Kudlow has a good post on unions' hypocricy - or blackmail - to stop private accounts in Social Security.

Public and private pension funds have roughly 60 percent of their $2 trillion of assets invested in stocks. So, while they reap the retirement benefits of the magic of market compounding at a near 7 percent adjusted rate, they would deny this comfortable retirement opportunity to all the rest of us.

In addition to stocks, many union pension funds also invest a portion of their portfolios in hedge funds and private equity funds, which are significantly less liquid and more risky than ordinary stocks and bonds. And yet they describe investing a small portion of funds in the stock market as "gambling" for the rest of us.

Maybe that's why union membership continues to decline; it will be nice when they disappear completely.