> Unfunded state pension liabilities grow to $8.28 trillion <
A Democrat president: No problemo. The federal government will bale you out.
A Republican president: Fix your own liability problems. Good luck.
So, yeah. Elections matter.
“A Democrat president: No problemo. The federal government will bale you out.”
There’s an addendum to that: The democrat will bail you out, with printed money that devalues all the rest of the money in circulation, so your fat retirement account isn’t in default, but is still mostly worthless.
Much of this is Jimmy Carter’s fault who thought it was a good idea to allow government unions to negotiate with government employees to set wages and benefits.