Nowadays, America’s most persistent public dishonesties are the wildly optimistic but politically convenient expectations for returns on pension fund investments. Last year, when Illinois reduced its expected return on its teachers’ retirement fund from 7.5 percent to 7 percent, this meant a $400 million to $500 million addition to the taxes needed annually for the fund. And expecting 7 percent is probably imprudent.
"America’s Utterly Predictable Tsunami of Pension Problems" is from the February 22, 2017 Opinion section of The Washington Post. It was written by George F. Will and narrated by Sam Scholl.