The Upcoming Pension Collapse

Now that Easter is over, we no longer have to see the single worst candy in human history. That is of course Peeps. Now, I understand that candy corn and elephant peanuts exist, but I stand by this claim. Peeps are horrible. The company that makes them is evidently channeling their terrible candy quality into terrible employer quality, as it seeks to stop allowing new hires to pay into the pension system. This deep dive into the issue demonstrates that private-sector pensions are in complete collapse. There are soon going to be millions of workers who are receiving or expecting to receive pensions they paid into for decades who are going to get a fraction of it back. This is flat out not sustainable:

We’ve already seen this in the public sector, where Rhode Island already slashed pension benefits for public sector employees because the state hadn’t funded the system for so long that it created a statewide crisis. Oregon is about to go through the same thing in its PERS system. A lot of other states are too. This is likely going to lead to a national crisis of retired people living in poverty. Don’t expect any politician to do anything about it, or anything that will help the workers anyway.