[lbo-talk] NJ pension raiding

[Carrol Cox]

The original concept of funding pensions is absurd. They have to be paid out
of current taxes, and "funding" them was a scam from the beginning. They
should be merely general obligations of the state. No fancy bookkeeping
needed.

When the state doesn't collect enough current taxes to pay its obligations,
it won't pay them regardless of what paper form they exist in.

The social security 'fund' should also be abolished and pensions made merely
an obligation of the federal government to get the money from some place
when needed.

In other words, the only dependable pension plan is some version of the
Townsend plan.

Carrol