States Warned of $2 Trillion Pensions Shortfall

States Warned of $2 Trillion Pensions Shortfall

By: Nicole Bullock, Financial Times

US public pensions face a shortfall of $2,500 billion that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund. Read more.
You know when you see numbers like the ones in the article it makes a million sound like a small number, Damn that's bad when yo can say that a million sounds small  but in the big scheme I guess it is.  When you see these article that keep coming out about how pensions are unfunded or need bailouts or are in serious trouble I have to wonder how they were set up in the first place. I would imagine that the people who set these things up are well above room temperature and that these plans are well thought out, are they? That said why would you set something up that is doomed to fail and when it fails you try to Joe public to bail them out, WRONG, WRONG and how can I say WRONG. Like too big to fail  or theft, when I see a pension that fails and I am not a party to it why the hell should I be on the hook for it, I didn't make the problem, neither do I want to be a part of the  problem. People are going to be hurt by poorly set up and run pensions and that sucks, stupid should hurt and then you should learn from it and not make the same mistakes. To do otherwise or to steal from me to cover your mistakes is just that, stealing.

Prepology

 
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