The baby boomer retirements are just beginning.
Every year the pension crisis will get worse and worse—until states like California will have to declare bankruptcy—whether they want to or not.
This is why I’ve said since the housing bust that the solution to our problem will be dramatic and crippling austerity.
And it will be non-voluntary.
And it is not just the US.
“until states like California will have to declare bankruptcy—whether they want to or not.”
As a Californian, this can’t happen soon enough. I just hope that when it does, the PE union people get hurt worse than anyone, and that they string up the RATs at the same time.