[AnotherUnixGeek]

The pensions are the consequence of decisions made when stock markets were soaring, technology money flooded the state,

I keep hearing this rationale for insane public pension plans, but the stock market and technology money never once reached a point where this kind of pension spending made even the remotest sense.

The simple fact of the matter is that our political class in the US is composed of people who aren't bright enough or competent enough to make it in private industry. And we let these people make funding decisions with our tax dollars, with the expected results.

[irishjuggler]

The simple fact of the matter is that our political class in the US is composed of people who aren't bright enough or competent enough to make it in private industry. And we let these people make funding decisions with our tax dollars, with the expected results.

Very true. The other problem is that the people making these funding decisions are typically public employees who are themselves eligible for the very gold-plated benefit packages they're creating. The foxes are in charge of the hen house.