Pensions = Ponzi = Failure of Governance

I never understood the sustainability of pensions. Sure, for those who received them, they seemed too good to be true. Work for so many years, and get upwards of 100% of your working salary when you retire (depending on the generosity of your employer or tactics of your union). But how does it work when the company goes out of business or the tax roles shrink?

Looks like we will soon find out.

The #FlintWaterCrisis is not a blueprint for what would happen if libertarians abolished government and let poor people drink poisoned water, as some enemies of free markets are no doubt claiming. Instead, it’s a great example of government failing to efficiently provide even the most basic of public services due to a characteristically toxic combination of administrative bloat and financial mismanagement.

Source: The Government Poisoned Flint’s Water—So Stop Blaming Everyone Else – Hit & Run : Reason.com