California is considering implementing an automatic payroll deduction that would be used to create a government-run pension plan, but the modest return won't be enough for retirement, Megan McArdle writes. "The majority of people have employment gaps, lean times when they slow or stop their contributions and so forth. If you want to make sure you have enough income in retirement, a government guarantee will in no way make up for those vicissitudes," McArdle writes.

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