Steep losses pose crisis for pensions

The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees. http://www.msnbc.msn.com/id/33264342/ns/business-washington_post

Everyone needs to stop blaming the recession for every problem that exists in this country. The real problem is that the nation is still paying for the exuberance of the last ten years when politicians gave over generous pension benefits to public employees without any care how that was going to be paid over the course of the retirees lifetime. State and local government throughout California are facing this real problem, unfortunately again it’s the taxpayer to the rescue. The problem how to tell the taxpayer that you will have to fund generous government pensions when yours is a fraction of theirs! The headache begins!