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> huge discontent about the recent pension cuts I get this, but these are almost all ponzi schemes when "guaranteed" by the government or some form of bureaucr
by icelancer 4y ago
> huge discontent about the recent pension cuts
I get this, but these are almost all ponzi schemes when "guaranteed" by the government or some form of bureaucracy. We deal with it in the US. Chicago and Philadelphia public pensions are underwater with no way to solve the problem, so elected officials kick the can down the road until it blows up.
- anonymousDan 4y agoWrong. In the UK the universities collectively are part of USS, the biggest private pension fund in the UK The annoying thing is that this was in rude health until the university management controlled board decided to take a pension valuation during the middle of COVID. The driving factor is that 10 years or so ago the university sector was deregulated such that universities are no longer capped in terms of the number of students they can take. This has lead to vicious competition between universities to hoover up as many students as possible. As a result they are no longer willing to cross-subsidize each others pension funds.
- icelancer 4y ago>> As a result they are no longer willing to cross-subsidize each others pension funds. >> universities are no longer capped in terms of the number of students they can take >> Some form of bureaucracy
- anonymousDan 4y agoFair enough, was just pointing out it's not (primarily) a government backed scheme (in theory at least).