Growing Deficits Threaten Pensions: Accounting Tactics Conceal a Crisis For Public Workers
State governments alone have reported they are already confronting a deficit of at least $750 billion to cover the cost of the retirement benefits they have promised. But that figure likely underestimates the actual shortfall because of the range of methods they use to make their calculations, including practices that have been barred in the private sector for decades.
They say that the sins of the fathers are visited upon the sons. It disgusts me that so many people can casually bring souls into this world yet casually accept the ‘generation shifting’ debt policies of the government and its overindulgent people. Shame, shame. I hope lifespans are increasing…so they can’t flee their kingdom of pain until they clean up the mess. Meanwhile, perhaps the good people of a younger generation are learning ways to live a less materialistic but joyful, debt-free existence so that they can minimize being caught up in their elders’ mistakes when the house of cards starts falling.