The very rich oligarchies buy countries, states and local governments and then pass their anti-tax policies, which over time leaves the government with not enough tax revenue to pay bills or maintain infrastructure and they then often opt for pension holidays to make ends meet, skipping payments to the pension funds. Over time this has created large unfunded pension liabilities in effected countries, like Greece and cities like Detroit, and maybe Chicago is next to borrow money from pensioners to make up for revenue shortfalls after giving corporations and the wealthy tax breaks. Now austerity hawks are using these unfunded liabilities to argue slashing pensions even though it was their own anti-tax policies that caused the problem. While it is sound public policy to use debt to fund long-term capital projects, it is deeply problematic when governments are forced to borrow money to deal with revenue shortfalls. It is even more problematic when they are doing so as a result of a concert...
This blog is a quick read about concerns, whether local or international, facing union and non-union workers.