Maybe the state pension funding mess is bad

See How bad is the state pension funding mess? at Marginal Revolution. Tyler Cowen says, in response to some who say it is not bad:

"Beware of the 30-year comparison I say. A lot of sums look small compared to thirty years' worth of output. I worry when I read sentences such as this:

The major reason that shortfalls exist at all was the downturn in the stock market following the collapse of the housing bubble, not inadequate contributions to pension funds.

In my house, that's what inadequate means."

The rest of the post mentions how the unions use political clout to often increase benefits and reduce the retirment age and water down reforms.