The Pension Gamble (2021)
The Pension Gamble is a 2018 documentary that delves into the precarious state of America’s public pensions. As the title suggests, the film investigates the high-stakes game played by state governments and Wall Street, which has led to a multi-trillion-dollar shortfall in pension funds.
The documentary, produced by Marcela Gaviria and Nick Verbitsky, with correspondent Martin Smith, sheds light on the complex web of financial decisions that have left public pensions in dire straits. Here are the key points covered in the film:
- State Governments’ Role: The film examines how state governments have grappled with budget shortfalls by withholding pension contributions. These actions have had severe consequences for teachers, police officers, firefighters, and other public workers who rely on these pensions for their retirement security.
- Wall Street Bets: The documentary also delves into the risky bets made by state pension funds on Wall Street. These investments, often fueled by the desire for higher returns, have sometimes backfired, exacerbating the pension crisis.
- Kentucky’s Struggle: The film takes viewers inside the volatile fight over pensions in Kentucky. Once considered a well-funded system, Kentucky’s pension program for public workers has become one of the worst-funded in the nation. The film explores the impact on retirees and the broader implications for the state.
- The Alarming Shortfall: With trillions of dollars at stake, “The Pension Gamble” underscores the urgency of addressing the pension crisis. The film highlights the consequences of underfunding and the potential ripple effects on retirees, taxpayers, and the overall economy.
In summary, The Pension Gamble serves as a wake-up call, urging policymakers, citizens, and financial institutions to grapple with the challenges facing public pensions. It’s a timely exploration of a critical issue that affects millions of Americans and the stability of our social safety net.
