Many retirement funds could face insolvency unless governments increase taxes, divert funds or persuade workers to relinquish money they are owed
For the past century, a public pension was an ironclad promise. Whatever else happened, retired policemen and firefighters and teachers would be paid.
That is no longer the case.
Many cities and states can no longer afford the unsustainable retirement promises made to millions of public workers over many years. By one estimate they are short $4 trillion, an amount that is roughly equal to the output of the world’s fourth-largest economy.
The Wall Street Journal
By Sarah Krouse
July 30, 2018