We knew the pensions bomb was coming 30 years ago, yet the can got kicked down the road, no one wanted to risk their political careers trying to deal with it.
Those who did try to deal with it were called “CRAZY!”, “NUTZ!”, or “INSANE WHACKOS WHO WANT GRANDMA TO EAT DOG FOOD!”,(Remember that one?).
So today, what’s happening?
The Pols are STILL trying to kick the can down the road, and ignore it.
This issue is unique in that there really is not two sides to the issue, it is instead relatively simple math. The pension payments are coming due, and they are enormous.
About a decade ago, my state of Georgia moved to 401k plans for new state hires and the previous state employee pension plans weren’t that onerous to begin with. So GA is a right to work state and at least it has no unreasonable government unions to battle. Gov’t unions exist here but they don’t run things.