No. of Recommendations: 1
The simple fact is that pension schemes are highly susceptible to being manipulated by politicians, businesses and who ever.

If there is actual money in the system, it's susceptible to being siphoned off for other purposes. If there is no money, retirement schemes tend to be underfunded and consisting largely of promises that aren't going to be fulfilled.

The issue at hand is how to dump public employee pension liabilities. They are unaffordable and will be sharply reduced.

No doubt Democrats will be shedding crocodile tears even while they vote to cut those benefits.

And lets be serious here----

Pension promises were made on the theory that the good times would roll on forever. They haven't. Just as benefits have often been negotiated upward, they are now being negotiated downward to match reality. That's a GOOD thing!

Seattle Pioneer
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