That’s what I’m thinking, the union pensions blow up and they loot our retirement accounts to pay for them. California state employees have something like half a trillion unfunded.
Even with all our 401(k) and IRAs they cannot fund all the pension plans in America. Remember, the 401(k) and IRAs are invested in stocks and other financial instruments. In order to get any money out of them, they must be LIQUIDATED, that is to say SOLD OFF. Can you imagine what the stock market would do if EVERY 401(k) and IRA had to be liquidated at the same time? The sell-off would bankrupt the whole system! The value of the stocks would plummet and the wealth that you had put away for your retirement would vanish into thin air!.......................