How Public Pensions Turn Cities Into Unlivable Hellholes
Promise tens of trillions of dollars in pension benefits. When you don't have the money to pay. What could go wrong?
When the Soviet Union dissolved in 1991, pensioners were the first to get hit when their pensions were reduced in value to about 75 cents a month. Suicide rates skyrocketed and the average life expectancy dropped from about 77 years of age to about 64 years of age in the 1990s in the former Soviet Republic.
We can learn from history if we feel like le…
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