What happens when you have the following?
- Pensions that have declining asset values in spite of an ever-increasing retiree base
- Workers and retirees who have written into their contracts a guaranteed return on their investments
- A legal obligation by states and municipalities to fund pensions at given levels to ensure guaranteed returns
- The largest voting blocks in America–the AARP and the teacher unions–digging in their heels?
Answer: the next economic disaster.
Don’t worry about Kentucky’s pension! They are headed off to a Conference to tell’m how to do it right…
http://www.ralphlong.com/2009/03/time-to-party-hardy.html
didn’t know belly dancers were related to pension management…hmmm….
As with anything, the “guarantee” of a pension is only as good as the backer’s ability to carry through with his end of the deal. This holds for insurance, wages, government handouts, whatever. Those cushy pensions were great for a while, but sooner or later the system is bound to trip over itself and come crumbling down in a heap.
As they say, if something looks too good to be true…
Is there a non paid-registration-required-to-read version of the article sitting around somewhere?