I want to talk to you about three words that should scare the heck out of you, especially

if you're young.

Public Pension Liabilities

Okay, I know you probably have about a hundred things you're worried about, and public

pension liabilities likely aren't one of them.

But that's the reason this is so scary, because almost no one is paying attention.

Unless you're okay with your city going full Detroit, and giving more of your hard earned

money to pay off someone else's debts, stay with me.

So what is a public pension liability?

A pension is a guaranteed lifetime payment to someone after they retire.

Pensions used to be a big deal in the private sector.

Every major American company had them, but they became too expensive, and companies have

taken steps to phase them out.

However, pensions still live on in the public sector among employees of the government,

and they're eating city and state's budgets alive.

More and more money that could go to tax cuts or better services is instead being shovel

the side to pay for these benefits.

Why is this happening?

Over decades, politicians have promised trillions of dollars in pensions to government workers.

That includes police, firefighters, teachers, and city and state officials.

You name a government job, and there's a pension associated with it.

Now you may be wondering, how big are these payments?

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