The privatization of social security has been sold as a free lunch. It is not. As this member of the Council of Economic Advisers under President Bill Clinton points out, a little reality is necessary. In a wide-ranging interview on the future of social security, this Challenge editorial board...

Detroit's bankruptcy and Chicago's financial problems and large unfunded pension liabilities have attracted national concern. The question is whether cities across the country are about to topple like dominoes—and whether pensions are the problem. The answer, the authors write, appears to be...