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The biggest problem is not the underfunding of public corporation pensions. It is the underfunding of public government pensions. San Diego is the poster child of this.
They way over promised.
Back to the original poster's question.
#1. People were supposed to die at age 65. G0ddammit, why won't tey die? Freaking government tells them that smoking is bad and they should reduce cholestoral and everyone listened! Oh well.
#2. Way way back when, like in the 50's and 60's, the economy was expanding at a tremedous rate. Lots of these 'future benefits' were given because a) they were not 'real', and b) and an expanding ecomony would eventually pay for them (leave it to future generations, like social security - what happened to that debate???)
Too bad that, that kinf of expansion, was not going to goon forever. For those that need futher proof, see Japan inc.
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James
The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994)
Red-beard for President, 2020
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