I don't know if anyone else noticed this, but one of the demands coming out of the CHAZ is that all police pensions be suspended immediately. That's a curiously irrational demand, and certainly not what you would expect to be a priority for a group of twenty something anarchists. Getting college aged kids interested about retirement is almost impossible, I'm sure there's a financial advisor on here that will independently verify that. They literally can't imagine themselves at retirement age and many just can't be bothered with saving. It's curious that all of a sudden they care about pensions. That is unless you understand that one of the major hurdles facing Democratic states in the next decade and beyond are unfunded liabilities due to pension commitments.
Comments (22)
sorted by:
Sure...the most important things to say are that there are $2-7 TRILLION in underfunded public pension liabilities that is largely concentrated in Democratic states. For decades politicians in states like California, Illinois and New Jersey have been allowing public employees to retire earlier and earlier to encourage their voting block in the public employee unions to show up at the polls. This is adding decades to the amount of time that some people draw from these pensions, and they were never designed for it. The states never changed the contribution amount. In simple terms, the gozinta doesn't equal the gozouta. Politicians either expected the money to magically appear (ie feds) or they expected it to be a problem long after they were gone.
It's simply an accounting term. A liability is something you have committed to pay. Just for an example, if you prepay for a service, the company has a liability until it delivers that service.