by adaya » Fri Dec 16, 2011 1:22 pm
"If you think bad management ran the business into the ground please explain the government being broke."
Pension plans are a way for a business or government to borrow from the future. No different than borrowing money from the bank. See rather than pay someone the money for the work they did, they promise to pay them more money in the distant future. Which allows a CEO or politician to balance their budgets today, at a cost to their successors.