Near the peak of the late-’90s tech bubble, California’s legislature passed the largest pension increase in its history.
Today, with as much as $750 billion in unfunded public pension debt, California has one of the worst pension situations in the country. But it’s far from alone.
Illinois has a staggering $250 billion in unfunded pension obligations. State pension plans in Connecticut, Pennsylvania, New Jersey, and many other states are taking on water, too.
Unfunded public pension liabilities in the US have surpassed $5 trillion.
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They're hoping the majority of the soon-to-be-screwed pensioners will be either dead to too old to do anything about it.
ReplyDeleteLet me guess -- you don't think they've ever had THAT conversation, huh?
Start hanging the people who put this in place. If for nothing else other than being stupid enough to believe this scam could actually work.
There are a lot of other reasons, too...
Keep cheering.