One thing is for sure – warranted or not, old style pensions are not sustainable in todays economy. ALL retirement accounts should be safe, FUNDED and most importantly carry an actual “account balance”.

As tax payers we are on the hook for promises made in good times by individuals with little or no accountability. Now our municipalities and states all face bankruptcy.

The fact regardless of how one views the matter, is that unless things turn around in a huge way economically for ALL of us, there is not currently enough money in the universe to make these obligations in the long term, leaving our infrastructure in ruins and our government unable to govern.