> Moreover, the public can't be forced to raise taxes to bail out underfunded private sector pensions, while courts are doing just that with public pensions. T

> Moreover, the public can't be forced to raise taxes to bail out underfunded private sector pensions, while courts are doing just that with public pensions. The Pension Benefit Guaranty Corporation (a government agency) explicitly exists to bail out private sector pensions with tax dollars. These taxes are already "raised" so the public isn't being forced to do anything in addition. This is just to say that we do spend tax revenue backstopping private pensions beyond just social security. One other thing I would point out is that the courts are forcing the public do pay pensions because the public wrote it into law (the frickin' state constitution in the case of Illinois). It was truly an idiotic idea, but the public and the lawmakers need to undo it, not the courts. > The fact is, that if you were an employee whose private sector employer went bankrupt or you didn't put enough into your 401k, then you're stuck with whatever you get from Social Security. Plus PBGC payouts, as mentioned above. > I love paying my taxes, but I don't want to see that money go to giving former public employees a standard of living beyond that enjoyed by those who worked for private employers that failed. Definitely. The yearly caps for PBGC coverage of private pensions (http://www.pbgc.gov/news/press/releases/pr14-12.html http://www.pbgc.gov/news/press/releases/pr14-12.html) would be a good place to start for public pensions. More serious reform is probably needed though. The math doesn't lie. We can't be mortgaging our future to fund unsustainable retirement payments. Cap existing payouts, close the plan to future participants, bolster self-managed retirement options like 401ks, and strengthen the social safety net by injecting some capital into social security. It definitely would be a raw deal for many people, including some people who are very close to me. However, there's just no other way to make the numbers work out.