> What about getting rid of pensions in order to be financially solvent is a race to the bottom?

The idea that the little guy needs to be made more financially insecure so those at the top can benefit from something more "financially solvent." This applies to business (less pensions, more dividends and share buybacks) and government (less pensions, lower taxes [for the rich]).

Also, IIRC, private sector pensions are quite common for CEOs and executives. They're only less common for the little guys.