Reverse Robin Hoods: Public Worker Pensions Rob the Young and Poor to Pay the Old and Rich

Union-controlled pension funds love to berate Wall Street, but they are increasingly dependent on Wall Street returns to paper over their crazy projections. Bloomberg says that the “25 largest U.S. public pensions face about $2 trillion in unfunded liabilities, showing that investment returns can’t keep up with ballooning obligations.” So even when pension funds have recently come close to meeting their predictions, their shortfalls are still growing, because the promises are too high and the contributions from employees too low. Eventually, young people will get wise to the nature of this generational theft.

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