Subsidies Require Safe 401(k)s

If taxpayers underwrite retirement savings via tax deferral, the asset menu should be limited to vehicles that reliably deliver retirement income, not speculative alternatives like private equity or crypto. Treat 401(k)s as pension tools rather than pools of venture capital for 'little capitalists.' If policymakers want riskier options, they should remove the subsidy rather than dilute fiduciary duty. — This reframes a culture‑war‑tinged 'investment freedom' debate into a governance question about what public subsidies are for and how to align them with retirement security.