>>30926
>>30990
Nice finds.
>>31016
You're probably right. Look what Reynolds says on the third page of this article:
"To fix the pension system in the United States, according to Reynolds, a combination of changes need to be made. The formula for new entrants needs to be modified, the qualification age needs to be raised, and the equation that determines pension payout needs to be based on an average of the last three or five years of someone’s career, not simply the highest earning year.
“But my view is that that’s not enough. You’re going to have to do somewhat what Wisconsin did,” says Reynolds. “For public sector participants, you’re going to have to get them to either contribute something – and some pensioners in the public plans don’t contribute anything so you’ve got to get them to contribute – and those that do contribute small amounts, you’ve got to get them to contribute more.”
Fixing the system will also require some adjustment for people already in the system – retirees and existing pension recipients.
“You’re going to have to adjust some of the growth mechanisms already in there – that’s the only way you’re going to do it. You have to go back and look at promises that are made and make adjustments,” says Reynolds."
In other words: we need to screw the pensioners.
https://www.forbes .com/sites/chrisbarth/2011/05/13/reynolds-loop-capital-briefing/3/#6bf5f07b1d30