The nation’s largest pension fund, formally known as the California Public Employees’ Retirement System, threw its weight behind a growing chorus of critics who oppose President Bush’s plans to privatize the American Social Security system, CBS MarketWatch reports.

A senior official at Calpers, which manages a staggering $178 billion of retirement assets for 1.4 million public employees in California, said Bush’s privatization scheme would lead to higher interest rates on Treasury bonds, corporate bonds and mortgages.

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