The core argument is that the private equity model—characterized by high leverage, opaque valuations, exorbitant fees, and a short-term focus—is fundamentally misaligned with the long-term obligations of pension funds. This mismatch, fueled by inadequate government funding and unrealistic return assumptions, jeopardizes retirement security and exacerbates market instability. The paper highlights how this practice contributes to inflated asset prices, reduced housing affordability, and the collapse of numerous businesses. Ultimately, it calls for urgent reform to protect both retirees and taxpayers.

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