Take NYC or California: a mass exodus of people leaving, and increase in existing rates on the remainder of the people. So where does the money come from for pensions when it dries up? Per social security guidelines, they don't even have to pay out, it's merely a request that can be accepted or denied (virtually no one knows this small issue), and the pension can always use many tricks to not pay out: using outrageous demands to fire your ass (IBM), liquidating the pensions early for pennies on the dollar (Prudential), using placeholder IOUs that will never get paid (Illinois), hyper inflating the currency to oblivion (Weimar, Rome). Which one will it be?
Take NYC or California: a mass exodus of people leaving, and increase in existing rates on the remainder of the people. So where does the money come from for pensions when it dries up? Per social security guidelines, they don't even have to pay out, it's merely a request that can be accepted or denied (virtually no one knows this small issue), and the pension can always use many tricks to not pay out: using outrageous demands to fire your ass (IBM), liquidating the pensions early for pennies on the dollar (Prudential), using placeholder IOUs that will never get paid (Illinois), hyper inflating the currency to oblivion (Weimar, Rome). Which one will it be?
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