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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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