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It is important to realize that everyone knew they could not be paid when they were written. The problem did not form yesterday, it has been known for 30 years or more. The pension funds were always under funded and the promises in the future were a known problem. The people in power buckled to the unions as it would not e their issue when it finally was an issue.
So you got too good of a deal, and it killed the host. Oops.
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