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 - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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