It's the "private sector's fault" since they realized that a defined benefit pension system was unsustainable due to the fact of people living longer, among a lot of other factors. Too bad the public pension plans have not realized the same thing, but rely on the deep pockets of the American people. Those in the private sector have to fund their own pension plus those in the public sector as well.
I am not against public employees, but there are just too many unnecessary public funded bureaucrats that are now eating up profits and driving us into debt.
It's the "private sector's fault" since they realized that a defined benefit pension system was unsustainable due to the fact of people living longer, among a lot of other factors. Too bad the public pension plans have not realized the same thing, but rely on the deep pockets of the American people. The federal government dumped its defined benefit system (CSRS) in 1987.
Google will educate you on this.