I'm wondering if thinking "as goes PERS so goes Social Security" is
confusing apples with oranges.
I know that CAL-PERS is the largest private pension fund in the USA,
and maybe anywhere.
I remember when I was
in 4th grade my dad made my allowance contingent on doing chores, but I
found so many chores to do that I beefed it up to the point he didn't
want to pay the enhanced number. After that he went back to pretending
to give me money, and I went back to pretending to do my chores.