We Need to Talk About Public Pension Liabilities

Here's the thing. Thirty or forty years ago, a young worker made a choice to work in the public sector. Maybe they were a lineman, a certified utility worker, a cop, or a fireman. Maybe they were an admin or HR clerk for the County. During those three to four decades, they made numerous personal decisions about their present and future based on the promise of a pension. Now, those promises are proving little better than an IOU. It's not their fault, and there's no way to justify defaulting on what is, under any other definition...a contractual agreement. That being said, it's also not "our" fault that paying these pensions, even if possible; equates to serious financial implications for those still working towards and building their futures. What's the solution? Well, there isn't one that doesn't involve drastic consequences for Americans. How much money DO you need to pay someone in order to save for retirement; $40k, $80k, $100k a year? Does that mean that a job currently offering only $30k annually is a guarantee of being unable to provide for oneself after sixty-five or seventy? Should the Government then step in to bridge that gap? If people making six figures are amassing debt and living from pay period to pay period, does society simply say, "tough" when as seniors, they have no nest-egg? How much does it take to live twenty, thirty, or even forty years past one's last day on the job...one million, five million? What does that equate to in terms of required savings and investments over say thirty years? Is anyone surprised American youth are gravitating away from "traditional" models of career and wealth management? The only possible solution I see is in somehow arresting inflation, abandoning large debt models, and training ourselves to live comfortably on less. If I could go back to seventeen, I'd NEVER borrow a dime...not to purchase a vehicle, land, or even a home. As it stands, I'm virtually guaranteed to run out of working life before I run out of expenses...and almost equally guaranteed not to have enough savings to cover them. That doesn't mean I wish, let alone expect the Government to step in...but it does mean that I'm much less personally invested in the situation remaining "status quo". I'd like to see companies willing to keep gainful employees hired later in life...less regulations and expenses governing small enterprises, and a concerted effort to control the costs of essential goods and services.