I recall that when I was at Fresno State History Professor John W. Bohnstedt (a WWII refugee from Nazi Germany; his mother was Jewish) stated to the class that in history you avoid saying “‘never’ because ‘never’ is a long time.” In other words, change is constant. So when I read that both my retirement systems, Cal PERS and STRS, are underwater with regards to their long term sustainability, I remembered my professor as I once thought my financial golden years were never in jeopardy as a public employee.
But nothing is a sure thing in these current times when we have witnessed the overnight burning to ashes of the likes of corporate giants Lehman Brothers, GM, Toyota, and Tiger. Oh, well. I still got Social Security.
BTW: I loved the way Professor Bohnstedt pronounced my name with a German accent. Fronk