Finally, the “news” that pension liabilities threaten to bankrupt our country is seeping into our national consciousness. Elected officials are actually talking about reducing pension benefits. Those whose pensions are about to be reduced aren’t happy about it. “We deserve our pensions. We worked hard. We provided good public service, and our pensions are the result of a legal contract that can’t be broken.”
When it’s pointed out to them that there simply isn’t enough money to pay for the pensions, we may anticipate one response: “Lots of disgusting taxpayers have Saturdays and Sundays off. They could be forced to work for free on one of those days and use the money to pay our salaries, benefits, and pensions.”
Not a popular idea, but the only solution proposed to date that will generate the necessary funding.
