Oh thank goodness, the public pension unicorn has come to save us!
Many people still don’t know that the bailout of GM and Chrysler was about bailing out politically important UAW union members with your money as much as it was about bailing out of 2 inferior car manufacturers with your money. (Though I must admit I had a Town and Country van that was pretty good – mostly. Not like my Honda, but still pretty good.)
For years prior to the 2008 Crash financial people had hemmed and hawed about the unsustainability of the auto worker’s pensions.