One reason why most state budgets are out of control is attributed to union-contracted, public employees pensions.
Unfortunately, the unions continue to feel optimistic about the ability of their pensions to accommodate their coming obligations.. They simply fudge, by assuming fantasy earnings on their investments.
Unions find it easy to be optimistic about the future return on investments, far much higher than what most market observers consider possible, in the light of our budget deficits and their effects on investment markets. And prospective future inflation. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.
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