so then what?
Pension funds are sinking cities and states all over the nation. Why? They were funded based on 8% returns, and so the moon was promised. Now that they aren't delivering, those pensions are eating into general budgets. Cities are going bankrupt because of these liabilities, which by the way number into the trillions of dollars, nationwide. Not a local government or state employee? Don't smirk, you are sitting on a huge liability that dwarfs the pension issue. Social Security. The difference, of course, is that if things get too desperate, money wise, Congress can pass legislation changing how much you receive, or add an earnings test, to see if you qualify for Social Security. Yup, the Supremes did that back in the 1960s, and we know how important precedent is. Social Security is now a drain on the general fund. And what is anyone doing about it? What about other entitlements? The welfare reform of the mid...