[quote]Mufasa wrote:
God knows I hate even mentioning this, because I worry about my retirement almost every day.
But as you look at Cities, States and even Private companies; perhaps the biggest “liabilities” they have and/or had were/are Pensions, Retirements, and the spiraling-out-of-control medical cost for retirees.
EVERYTHING seemed to be predicated on three (maybe more) very bad assumptions:
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There would “always” be a greater worker/retiree ratio
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We are America. Our economy may have some “blips” here and there; but will always be strong AND
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Certain sectors are almost “immune” to economic pressures and/or competition. (e.g. municipalities/Postal Service).
If you guys want to see where all three are playing out in almost a “perfect storm”; look at a) almost any large U.S. city and b) the painful and tortuous struggle going on currently with the U.S. Postal Service.
Thoughts?
Mufasa[/quote]
The pension thing is true and not true at the same time. There are some out of control pension systems for certain but there are an equal number where the state or municipality never made any of the contributions it was supposed including those taken from the employees paychecks and just kicked the liability down the road.
That said California municipalities seem to have more than their share of municipal fuckery.