The Real Reasons We Have a Public Pension Crisis — The American Magazine:"Most public pension funds across the United States were on an unsustainable course long before the financial crisis hit.
However quickly the pension fund grew, payments to pensioners grew considerably faster.
For example, prior to the crisis, in my home state of Kentucky, the share of pension fund assets flowing from the pension fund to retirees went from less than 5 percent to more than 9 percent between 2001 and 2007, just before the financial crisis began to cascade.
That means that however quickly the pension fund grew, payments to pensioners grew considerably faster — during good times.
All well before Taibbi’s supposed “legend of pension unsustainability” got started."
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