The obama elected Fed kept interest rates low effectively taxing these systems since they rely heavily on bonds. They had to counter bad policy with free investment money to keep the economy floating.
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That's the biggest reason why unions have donated billions to democrats. Pensions are under funded by trillions and the bill will come do sooner than later.
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Funny you referred to Wisconsin but failed to recognize their pension system is 98-99% funded, and it was well before any ‘reforms’ Gov. Walker put into place.
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