The average voter is as bad as politicians when it comes to ignoring major issues and kicking crisis down the road to the next generation. Here is one major example, Social Security and Medicare are others.
We readily accept the rhetoric of promises for more while ignoring the state of things we already cannot deal with.
American voters are as irresponsible as the people they elect.
Despite the recent gains large public pension plans still face a funding shortfall of $4 trillion because their liabilities are so large, according to Moody’s Investors Service. They have just 70% of what they need to pay future benefits to police, firefighters, teachers and other public workers, according to 2016 figures from Wilshire Consulting…
The pensions’ predicament is the result of decades of low government contributions, overly optimistic investment assumptions, benefit over promises and two recessions that left many retirement systems with deep funding holes. Demographics are also a factor: liabilities are rising as waves of baby boomers retire,
Great Year for Pensions, but Many Remain in Crisis