Wow! How did that happen? Its not like one can’t project annuities/pensions years in advance. And all these cities run by genius liberals, not evil, stupid conservatives?
Must be a conservative plot to work against progressive utopia, right?
But never fear! The Progressive solution will be to tax PRODUCTIVE Americans @ 120% to make up the difference!
They base their return assumptions on an unrealistic discount rate. They are not stupid, they know it is unrealistic, but they get away with it because they know the taxpayers will have to pay up.
Math: the conservative plot against progressive utopia.
The leftie/gtreenie/braniaks at Calpers forecasted rates of return on their investments almost double what they actually received.