And there it is!! Our problem, not the taxpayers problem. Why is it our problem? Because millions of us did nothing to secure our future. Depending on others to pay your bills is never a workable plan. Why is it not a taxpayer problem? Because the taxpayer was not a party to our union contract. The taxpayer promised us nothing.
Teamster members and negotiators have always had a choice. Money for health insurance or money for pensions. You always choose insurance. You demand no premium, no deductible, no personal responsibility health insurance and then complain because pensions are underfunded.
Banned for Life said, "They knew 25 years ago the pension funds would go broke without changes to accruals". Absolutely correct. Investment income in the '80s and '90s forced trustees to raise pension payouts to outrageous levels. $3500.00 a month is more than $20 an hour to not work. Add $2500.00 a month Social Security and you are at $35 an hour, more than I made working. 30 and out so you can collect for more years than you worked. What could possibly go wrong?