401Ks are a disaster: Column

[SheilaT]

86. Bingo.

I can recall reading way back in the 1970's that public pensions were a time bomb just waiting to go off.

If the money isn't set aside -- and of course plenty of businesses never put aside the money they were supposed to in their pensions -- then there will be hell to pay down the road. I fully understand how often public employees earned less money because of the promise of a good pension down the road. But, since in the end it comes down to taxpayer money, and the vast majority of folks out there seem to think that all taxes are evil and pay for nothing worthwhile, then at some point the public pensions will disappear. And, correct me if I'm wrong, but isn't part of the deal on public pensions that you forego Social Security?

Although to be hideously cynical, won't it be great when all the public pensions go away along with SS?