There’s a significant number of pensions that will not be paid in full because the math just doesn’t work out. Current promises will be broken one way or another, the biggest question is how. I suppose if I’m in line to receive one of these pensions I defend it as best as I can, but if you see the writing on the wall maybe it’s time to figure out what acceptable losses you’re willing to take now.
The way it’s headed right now is there’s a day coming where the pensioner’s checks are going to bounce. At that point it will be too late to do anything. We’ll run through the various court systems but massive tax increases on the majority will fail. Even if the pensioners successfully argue most of the cities budget should go to pensioners rather than current employees providing services the citizens paying those taxes aren’t going to stay in a city where they get no services for those taxes.
If your a public sector employee would you rather know now that your pension isn’t going to get paid in full. Would you rather start planing for a retirement that isn’t going to include 60-70% of your highest salary for life or do you want to be surprised one day in the not too distant future. I honestly don’t see the scenario where you end up being the winners at the expense of everyone else. Our leaders committed fraud in that they made promises that were impossible to fulfill.
