Spitzer is actually making a valid point, that if you want to have at least a semi-privatized system, you need to have some method of smoothing returns based on the economy’s performance over at least a decade, otherwise you have the situation he cites where the timing of workforce entry in retirement can create huge differences in returns as a result of only a year or two’s differences in entry in exit dates.
The only reasonable Contra claim is that “Well, that’s just the luck of the draw”, however one condition of a stable society is that participants expect reasonably similar results in return for reasonably similar behavior, if that’s not the case arrangements will inevitably be perceived as “unfair”, and participants will use the political system to readjust the results.
You also have to have some method of making sure that one of the political parties doesn't deliberately implode the stock market for political gain.
This is why the whoring Tax-Cheat schlub is full of baloney.
There's a saying: "There are no coincidences in politics". After 12 years at Free Republic, I believe it.