I think the economical argument that is most fundamental is that public benefits are a promise of the states future revenue. It is like a bond with no adjustment to risk.
If people like public pensions let them have it, but let only people in their sector pay for it. It is absolutely immoral for someone to pay a tax to fulfill the promise of a decade old decision on someone else. Few things show how clearly people forget the State doesnt have money of its own than thinking that the state can fulfill an obligation without taking more from the innocent bystanders.
Defined benefit plans should have a defined tax scope, and if they fail, they go bankrupt and thats it.
Even then, the risk of overly rosy prediction of returns by bureaucrats is high. A defined contribution system, plus a social safety net (medicare, social security, etc) is a better system.
If people like public pensions let them have it, but let only people in their sector pay for it. It is absolutely immoral for someone to pay a tax to fulfill the promise of a decade old decision on someone else. Few things show how clearly people forget the State doesnt have money of its own than thinking that the state can fulfill an obligation without taking more from the innocent bystanders.
Defined benefit plans should have a defined tax scope, and if they fail, they go bankrupt and thats it.