I agree with your first sentence, there are just too many towns that have way too many unfunded liabilities due to the public sector negotiating retirement plans that, here in San Diego, for example, equal the last year of pay, so what people do is work as much overtime the last year and were getting their pay jacked way up, into the $100-125K range, then retiring. Since it wasn't their money and the negotiations and benefits weren't being paid by the "company", just taxes, they were not as concerned with the costs associated with pensions and things got out of hand, had to do a few negotiations the last 6-8 years to get things "fixed".Dr. Z said:I don't think it's meant to screw workers, I think it's meant to avoid future bankruptcy.
I'm not saying it's a great thing for the workers but I am saying it's inevitable. Also, pensions aren't safe -- just ask the Hostess people. The employees' own contributions were stolen and the ones from the company were withdrawn. (The CEO, it must be noted, got a bonus.)