This is a pretty interesting series from CNBC. What many people still do not understand is that the obligations of localities to public pensioners won’t be paid, because they can’t be paid. Politicians in the past made promises which they knew couldn’t be kept, and the public employee unions just took whatever they could (which is what a union is supposed to do I guess).
There are too many baby boomer teachers, and city clerks, and parks and rec people retiring at the same time. Not that it’s their fault but someone has to pay for their retirement and the emerging working generation is much smaller than than the boomers were. It’s simple math, with complex ramifications. Pensions must be, and will be cut for public employees across this country because the money just isn’t there.
And don’t blame the taxpayers because they don’t want to raise taxes to fund your retirement. Blame the politicians who promised you too much. It’s not the fault of the taxpayer that you believed the snake oil salesmen who only told you what you wanted to hear.