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	<title>Comments on: The Problem With Pensions</title>
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		<title>By: Larry Littlefield</title>
		<link>http://www.gothamgazette.com/blogs/wonkster/2005/12/25/the-problem-with-pensions/comment-page-1/#comment-304</link>
		<dc:creator>Larry Littlefield</dc:creator>
		<pubDate>Mon, 26 Dec 2005 15:36:58 +0000</pubDate>
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		<description>The problem with pensions is that they can be scammed.

In the 1990s state and local governments cut contributions, and increased benefits, claiming zero cost because a stock market rising 20 percent per year would pay for everything.  The politicians became very popular.

At the same time, CEOs cut contributions to pension funds, booked &quot;profits,&quot; awarded each other stock options while sitting on each other&#039;s boards, and retired.

Two kinds of people are getting richer -- top executives and retired public employees.  Everyone else is getting poorer.  Throw in rising debts, and you see a generational war, with one side doing all the killing because the deaths are deferred, and the dying are not paying attention.</description>
		<content:encoded><![CDATA[<p>The problem with pensions is that they can be scammed.</p>
<p>In the 1990s state and local governments cut contributions, and increased benefits, claiming zero cost because a stock market rising 20 percent per year would pay for everything.  The politicians became very popular.</p>
<p>At the same time, CEOs cut contributions to pension funds, booked &#8220;profits,&#8221; awarded each other stock options while sitting on each other&#8217;s boards, and retired.</p>
<p>Two kinds of people are getting richer &#8212; top executives and retired public employees.  Everyone else is getting poorer.  Throw in rising debts, and you see a generational war, with one side doing all the killing because the deaths are deferred, and the dying are not paying attention.</p>
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