[Alberta's Child]

Underfunded pension plans, to the extent they come up at all, tend to be mentioned in passing largely because most of them are 1) too small to matter on their own and 2) too hard to understand for most people to form a strong opinion.

I'd suggest there's also a Reason (3) at work here: Most people ignore the pension problem because they know governments will eventually screw the pensioners if necessary.

[MSF BU]

They are more likely to screw bond holders.