“...Pension Benefit Guaranty Corporation is the backstop for private sector pensions.
Why do the public sector pensions get preferred treatment?”
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Because the public sector employees are now the OVERLORDS and should never be disadvantaged or share in any losses (which THEIR benefits and entitlements caused).
You are so correct.
Public sector employees are the biggest lobbyists in the USA at all levels of government and, unfortunately, far too many voters do not understand that their local police, teacher, dog catcher, etc are sticking it to them.
private vs govt workers is akin to the Russia, where party people vacationed on the Caspian Sea and the non party people searched the shelves for out dated tuna fish....