Ignorance is bliss? You reckon?

h/t instapundit

...public pensions may have to look to corporate bonds and real estate to get investment returns. Are these investments likely to produce historical rates of return that equities have? It’s very unlikely.

...Either governments will have to increase taxes – perhaps dramatically – or force public employees to endure the same risks and potentially anemic returns the rest of us may be up against. Given the size of these funds, and the enormous political power of government workers, this may create one of the major political conflicts of the coming decade.

It's unlikely that taxpayers will be willing to "belly up" for state pensioners while the taxpayers themselves are living hand to mouth waiting to begin collecting their social security benefits at the revised retirement age of 85...