As cities become bankrupt one by one over the years the pension plans often go insolvent as a direct result

In order to attract better employees for cities and municipalities they have often "Promised the moon" to new employees. But, anyone who understand fiscal responsibility knows that these kinds of promises cannot be ultimately fulfilled in a practical world. So, the people who hire these people with unrealistic pension plans soon are elected somewhere else or retire but the cities are left holding the bag of pension plans not capable of being fulfilled. Just because you tell people you will do the impossible for them doesn't mean it actually can be done. And sooner or later this will drive many cities and municipalities to bankruptcy where pensioners often lose everything as the whole city or municipality loses everything in the bankruptcy.

But, the cause of the bankruptcy was the impossible promises that were never fiscally responsible in the first place. But, the people hired for 20 or 30 years aren't told this so they don't know.

So, we have cities and municipalities all across the U.S. that are like ticking time bombs for when they will have to go bankrupt because their retirement plans were never sustainable in the first place.

But, if someone doesn't understand money management who makes these decisions to create impossible retirement plans they are just setting up towns and cities at some point to go bankrupt in the near or far future. And when that happens everyone loses their retirement plans among other things at that point in time somewhere in the near or far future.