PUBLIC Pensions are in trouble.
Why?
Politicians (nearly all democrat) promised the public unions insane pensions in return for the the public union’s support and MONEY.
Public unions are the LARGEST campaign contributors of all time.
And give 99% to democrats.
It is basically money laundering of taxpayer money.
https://www.opensecrets.org/orgs/
There are private pensions that are in trouble too. But that is mostly self correcting (ie - if the unions bankrupt their private employers they will get nothing).
It’s money laundering, influence peddling, legalized extortion, and a ponzi scheme all rolled up in one.
It is basically money laundering of taxpayer money.I don't think that's quite right. To launder money, you first have to have the money. The public pensions don't have the money to launder. The politicians made promises that wouldn't have to be fulfilled until well after their political career was over, and they didn't bother to set the requisite money aside. Public pensions are more like sinecures ... money for nothing, compliments of working, taxpaying suckers.