The Pundit Guy linked to this piece over on Bloomberg. You already know the story: States and municipalities lose billions due to the boneheaded moves made by the people running the pension plans, now these government leaders are begging Washington for a bailout.
Give me one good reason why the rest of us should bail out public pensions. Lots of people in the "private" (i.e., those paying the bills) sector lost money last year in their IRA's and 401K's. They get no bailout. Why should government workers be a protected class, forever shielded from the boneheaded decisions made by the very people they appointed to manage their retirement assets?
You make less money from your pension? Tough! Suck it up, Mary. Most of us today don't get any pension. We're on our own and there are no bailouts coming our way.