[quote=harvey][quote=SK in CV] There is no guaranteed investment return for most government pensions. There is a guaranteed benefit.[/quote]
And there is difference? (Don’t bother to go into semantics, we all know there isn’t.) [/quote]
Tremendous difference, whether you understand that difference or not.
[quote=harvey][quote=SK in CV]And they have worked fine.[/quote]
And Ponzi schemes work fine for a little while. Defined benefit plans are not sustainable, history has proven that. Even if fraud is the cause of failure, it doesn’t matter. Failure is failure, and you can never have a system that guarantees there will be no fraud, or investment downturns, or any other unfortunate event in a 60 year time span.
There is no evidence that any pension plan has ever worked for more than a generation, maybe two, at most. Just because something almost worked for a little while doesn’t prove it to be a solid, sustainable plan.[/quote]
No, they’re nothing like ponzi schemes. Again, just because you don’t understand them, doesn’t mean they dont work. The GM pension plan would have worked fine if GM hadn’t raided it. (It was their medical benefits plan that killed them)
