America’s main long-run retirement challenge is our pay-as-you-go Social Security system, which was created back when everyone assumed we would always have a “population pyramid,” meaning relatively few retirees and lots of workers. But as longevity has increased and fertility has decreased, the population pyramid increasingly looks like a cylinder. This helps to explain why […]

via Pension Promises to State and Local Bureaucrats Are a Ticking Time Bomb — International Liberty

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