[CFrance]

Originally Posted by jimbomaybe

The under funding and mismanagement of public pension funds could very well be a very large financial disaster waiting to happen, all too much political influence in the management of those funds, being public retirement funds they have a different set of federal regulations governing them, many would have gone into receivership due to the funding levels if they were private retirement funds but being public retirement funds it is assumed they can always raise taxes to cover their obligations, rather than spend money on future obligations municipal managers would rather of course spend money on more important things, kicking the can down the road gets more and more difficult and dangerous as the unfunded liabilities get bigger and bigger, the cascading effect of default could make the 2008 housing meltdown a minor blip by comparison , or so some will tell you

This was all in one sentence and very difficult to follow.