A very very bad site, because it is so good and you'll waste a lot of hours just looking through it, is Pension Tsunami.
Friend recommended it to me and I won't lie;
It's great reading about all the California municipalities and counties who did absolutely NO actuarial study about just how much their pensions would cost. And not just California, but just people, counties, municipalities etc., of other states who promised themselves the world and are now facing a bankrupt pension.
Call it economic Schadenfreude, it's comeuppance for those who refused to be financially literate.
Well, you can call it economic schadenfreude, but ultimately the taxpayer will be bailing out those "Cadillac" public sector pensions.
ReplyDeletePity the poor taxpayer, for they will be and always will be stuck paying for the excesses of others.
You know that's one thing I just cannot get over.
ReplyDeleteHow can it even be possible for pensions in public/private organizations to not be costed out according certain generally accepted standards.
I mean, acturial math isn't this woo woo science fiction topic where your opinion is worth mine, there are generally accepted ( conservative) assumptions, calculations, etc...
At the most you have a probability fan of what pensions cost : high/expected/low.
And none of this was done? It's Not a statutory requirement???
It's what I hate about this age, people spend VAST amounts of time and energy on crap like Kyoto and Copenhagen and the very basic daily grind, bread and butter of government is ignored or hamstrung.
I keep thinking: who locked me in this dangerous looney bin, and what the hell do I have to do to get out?