I’ve long said that the assumed return rate for the funds was too high, but I’m not just comparing the past five or ten years WRT the effects of the return rate on contribution rates. I’m talking about the **multi-decade** trend of return rates and contribution rates, which is what the opponents are intentionally leaving out in order to misguide a gullible public.
One more thing…the “privatization movement” should NEVER be confused with taxpayer advocacy groups. Their interests are diametrically opposed, though the former tries to disguise itself as part of the latter in order to push their propaganda. They are NOT the same thing at all.