Boo-hoo. Socialism works until you run out of other people’s money. The time is coming when no one will lend CA money, and there will be nothing but hot checks.
If it is properly funded by both sides and properly invested pension funds work well. The problem is when one side or the other or both do not make contributions. Jusr saying.
“Boo-hoo. Socialism works until you run out of other people’s money. The time is coming when no one will lend CA money, and there will be nothing but hot checks.”
Sadly, the only way out of situations like these has historically been very, very high inflation - so that a $70,000/year pension in 2024 won’t even heat the house.