The state/municipal pension mess is, in many ways, a bigger problem than Social Security. It played a major role in the Detroit bankruptcy, but Detroit was the tip of the iceberg. There are thousands of state and municipal pension funds in the country, almost every one a ticking time bomb.
Back in the sixties and seventies, state and local governments promised their employees generous pension benefits while underfunding their pension funds. This of course allowed them to get employees to work for less while kicking the costs down the road. Pension funding was based on unrealistic revenue projections; interest rates and inflation were in the double digits through the seventies so the projections seemed plausible even if they weren't. And when interest rates dropped in the eighties and nineties, pension funds still thought the stock market would bail them out. It didn't.
The Detroit pension situation was resolved by coercing employees and retirees to accept significantly smaller benefits. And that's the model that will be used everywhere else for the obvious reason there's no other solution.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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