Consider this. When municipal pensions go belly up, who gets hurt the most?
1) Sean Penn
2) a retired fire fighter
3) Warren Buffett
4) a Boeing engineer
5) a disabled vet
A really good read on the financial dysfunction within state and municipal pensions.
It is interesting, normally you think of liberals and Democrats as being people who really want to regulate, and particularly they want to regulate the financial markets, in order, as they say, to protect the “little guy.” Well here’s a case in which cities and states are not held to the same standards for their pension funds that any private employer is held to. If in fact, employers did what routinely a lot of cities and states do, they would go to jail.Frankly, when these pensions go bust, I won't give a damn. It's like feeling sorry for an idiot who builds their house in an area susceptible to mudslides.