Unfunded pension liability: I don't understand how they got it so wrong.

A CNN.com story titled America's Pension Timebomb contains the following quote: "the transit authority, like many private and public employers, is watching its pension costs rocket as longer-living retirees increase in number." I think blaming the pension problem on unexpectedly longer employee lifespans is a bunch of shit. We haven't made any huge unexpected leap forward - lifespan has been growing at the same slow plodding pace.

A better explanation would be that there is a huge baby boomer generation that is about to retire, and that the next generation is much smaller. You have fewer workers paying for more non-workers. You have to make changes. It's just common sense.

At the first sign of a baby boom, this problem should have been crystal clear. I don't understand how it was missed. When you have a spike in the size of a generation, and the next generation is smaller, the idea that a reduction in the workforce coupled with a growth in retirees should have been crystal clear.

They could have done something to stop it; they could have raised the retirement age. They could have increased the amount of required contributions. They could have decreased benefits. It's simple math - we have pretty solid numbers on the number of years a person can be expected to live.

Instead, they let the problem linger, and passed it on to the next generation. And now we're all fucked. We're paying for the cushy retirement of the richest generation possibly of all time by taking away the retirement of the younger generations.