Public Service Pensions Are on the Rocks

Thanks to the power of public employee unions, the greed of politicians for campaign funds and their fear of being out of a job, the pension plans for public employees has gone completely off the rails. As it stands right now, you, the average taxpayer will be on the hook for the unrealistic pension plans on the books. In reality, for some pension plans there is no way to get their funding back to a realistic level and the unions are not willing to face the truth or the wrath of their members by making meaningful changes. Given the amount of school debt, lack of funding for Social Security and Medicare, plus these pensions, major problems are coming at us at a fast pace. The great shame is that the politicians who give into the unions in good times do not face any fiduciary liability for their mismanagement. Maybe it is time to take a step in that direction? This excellent article points our some of the hard realities and we got to this place. https://www.manhattan-institute.org/the-state-pension-crisis-goes-beyond-the-big-blue-states