Anybody that works in the public sector rather than the private sector has an employer that has promised an obligation to provide a pension to them when they retire! In the U.S there are State Govs which are going to court to try and reduce what their promise should actually be (for current workers/ employees)! These States include Illinois, Detroit and California (for now)...... but this list will get ever longer as time goes on! WHY dont they do what the private sector has to do which is cut its cloth accordingly/ shrink its size/ USE COMMON SENSE??? Back in 2017, Illonois was taken to court as it had already not delivered on its repayment schedule to its creditors..... and the court ruled in favour of the creditors and ordered the State of Illinois to increase its payments to catch-up with lesser payments previously! Why do Govs (globally) think that the rules don`t apply to them?..... or..... WHY do Govs continue to deficit spend (spend more than they receive in taxation revenue) and continue to dig a deeper hole for themselves? This one is easy to answer - It is because we live in a DEBT-BASED system that only survives due to DEBT! If there is no debt then the system implodes!
