by John Rubino, Dollar Collapse:
Most people learn by the age of 10 or so that making promises is easier than keeping them. That’s why really big promises like corporate pensions and national retirement/health care programs are so easy to screw up. Offering someone a cushy retirement or a lifetime of healthcare feels great and generates massive goodwill from the recipient. So elected officials and corporate executives tend to over-promise in the moment and leave the hard part — actually making good on those promises — for their successors.
Today, of course, we’re deeply into the hard part. Old-line US companies are hobbled by “legacy costs” of paying for the retirement of yesterday’s workers while state and local governments, after years of failing to put aside enough to cover the retirement of their teachers and cops, are being bankrupted by the burden. And now comes this:
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