. . . especially public pensions.
"Some American disasters come as bolts from the blue -- the stock market crash of October 1929, Pearl Harbor, the designated hitter, 9/11. Others are predictable because they arise from arithmetic that is neither hidden nor arcane. Now comes the tsunami of pension problems that will wash over many cities and states."
Ref:
America's Pension Problems
Rosy economic projections [politics], folks living longer [predictable], sluggish economies [predictable], historically low interest rates [unwise politics], and especially politicians promising more than can be delivered [normal behavior] pretty much insure that pension promises cannot be met.
As Mr. Will concludes: "The problems of state and local pensions are cumulatively huge. The problems of Social Security and Medicare are each huge, but in 2016 neither candidate addressed them, and today's White House chief of staff vows that the administration will not 'meddle' with either program. Demography, however, is destiny for entitlements, so arithmetic will do the meddling."
[boldface added - DD]
That which cannot happen will not happen.
DonDiego supposes there'll be significant unpleasantness within the United States over the next 20 years.
"Some American disasters come as bolts from the blue -- the stock market crash of October 1929, Pearl Harbor, the designated hitter, 9/11. Others are predictable because they arise from arithmetic that is neither hidden nor arcane. Now comes the tsunami of pension problems that will wash over many cities and states."
Ref:
America's Pension Problems
Rosy economic projections [politics], folks living longer [predictable], sluggish economies [predictable], historically low interest rates [unwise politics], and especially politicians promising more than can be delivered [normal behavior] pretty much insure that pension promises cannot be met.
As Mr. Will concludes: "The problems of state and local pensions are cumulatively huge. The problems of Social Security and Medicare are each huge, but in 2016 neither candidate addressed them, and today's White House chief of staff vows that the administration will not 'meddle' with either program. Demography, however, is destiny for entitlements, so arithmetic will do the meddling."
[boldface added - DD]
That which cannot happen will not happen.
DonDiego supposes there'll be significant unpleasantness within the United States over the next 20 years.
