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This is just one component of the US Federal Government's hundreds of trillions of dollars in unfunded liabilities. "Gradually then suddenly" comes to mind.
Government employees generally have sweeter pension plans compared to private-sector employees, but government pensions are purposely underfunded. No worries for government employees: taxpayers will pick up the slack.
Warms my heart
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Taxes or Taxpayers? I think the latter but mainly through currency debasement. Controversial I know 🌽🍿
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I was at the title character limit and "taxpayers" to "taxes" seemed like the nearest approximation to the original title.
You're right that it will primarily be through debasement. Of course, we can square this circle by thinking of debasement as a tax.
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When you think about the incentives at play, there's just no chance that they would have implemented a responsible defined benefit scheme.
They get credit with the labor leaders for having generous pensions, plus they get less grief from employees, and publicly they just make up some bullshit about how the numbers will work out decades down the road when they will have long since retired.
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