How the hell did our states get SO far behind the enormous eight-ball of unfunded pension fund liabilities?

It is now estimated that states have an unfunded liability of nearly $3 TRILLION dollars!

TRILLION!  Unbelievable.

But I know exactly how it happened...

Uninformed politicians and financial "experts" made unrealistic projections about investment earnings and life expectancy.

The current economic downturn, with no end in sight, continues to stunt states' revenue outlooks.

And it's not getting any better.

So, where are many states turning in order to start bailing out their pension liabilities...retirees!

Several states have already stripped current retirees of the cost-of-living increases they were promised, with others ready to follow their lead.  Other states are considering cutting back the promised pensions to retired employees.  Still others are replacing guaranteed pension plans with 401(k)-type accounts.

Here's where I stand on this issue... 

Many retirees have worked VERY hard during their working lives. 

Should some of them been offered such lofty retirement benefits? 

NO!! 

Some benefits offered were out of control from the beginning! 

For example, a California lifeguard getting 90% of their annual income of $200,000 for LIFE--give me a break! 

BUT, should the benefits PROMISED, EARNED and DEPENDED ON by retirees be negatively impacted because free-wheeling, gun-slinging politicians continue to spend their states down the river...NO! 

It is simply morally wrong to change the rules on these retirees this late in the game.  How will an 80-year old retiree adjust this late in life to having their pension cut or benefits reduced? 

Leave the retirees' pension benefits alone! 

A much more sensible and fair solution is to immediately change the pension benefits given to NEW employees. 

That's my opinion anyway...what's yours?