
English: 
I want to talk to you about three words that
should scare the heck out of you, especially
if you’re young: public pension liabilities.
Okay, I know you probably have about a hundred
things you’re worried about, and public
pension liabilities likely aren’t one of them.
But that’s the reason this is so scary—because
almost no one is paying attention.
Unless you’re okay with your city going
full Detroit and giving more of your hard-earned
money to pay off someone else’s debts, stay with me.
So what is a public pension liability?
A pension is a guaranteed, lifetime payment
to someone after they retire. Pensions used
to be a big deal in the private sector. Every
major American company had them. But they
became too expensive, and companies have taken
steps to phase them out.
However, pensions still live on in the public
sector—among employees of the government—

Chinese: 
我想和你们谈谈三个词 它们应该会吓坏你们
I want to talk to you about three words that should scare the heck out of you,
特别是如果你还年轻
especially if you’re young:
公共养老金负债
public pension liabilities.
好吧 我知道你可能有上百件要担心的事情
Okay, I know you probably have about a hundred things you’re worried about,
公共养老金负债可能不是其中之一
and public pension liabilities likely aren’t one of them.
但这就是它如此可怕的原因
But that’s the reason this is so scary
因为几乎没有人在意
—because almost no one is paying attention.
除非你不介意你的城市充分底特律化
Unless you’re okay with your city going full Detroit
并且将更多你辛苦赚来的钱偿用于偿还他人的债务
and giving more of your hard-earned money to pay off someone else’s debts,
否则你就支持我吧
stay with me.
那么 什么是公共养老金负债？
So what is a public pension liability?
养老金是退休人员的终身报酬
A pension is a guaranteed, lifetime payment to someone after they retire.
过去 养老金在私企是个大问题
Pensions used to be a big deal in the private sector.
每个美国大公司都有养老金
Every major American company had them.
但是它们变得太昂贵了
But they became too expensive,
公司们已经采取措施逐步淘汰它们
and companies have taken steps to phase them out.
然而 养老金仍然存在于公共部门
However, pensions still live on in the public sector
在政府雇员中
—among employees of the government—
它们正在吞噬城市和州预算
and they’re eating city and states’ budgets alive. 

Portuguese: 
Eu quero falar com você sobre três palavras que podem assustar, especificamente
Se você é jovem: Pensão Pública
OK, eu sei que você provavelmente tem cem
coisas que o preocupa, e pensão pública não é uma delas
Mas essa é a razão disso ser assustador -- Porque
sempre ninguém presta atenção. A menos que você esteja bem com sua cidade
Detroit inteira está ficando difícil - ganhar dinheiro para pagar a dívida de alguém, continuando
O que é Pensão pública?
Pensão é uma garantia de pagamento vitalicio para alguém antes de aposentar.
Costumava ser um grande negócio no setor privado. Toda empresa de destaque americana tinha. Mas elas
Se tornaram caras demais, e empresas tem retirado elas
De qualquer forma, pensões ainda vivem no setor público, entre empregados e governo

Korean: 
저는 까무라치도록 무서운 세 단어를 여러분께 말씀드리고 싶습니다. 특히 젊은 분들이라면 더 그럴겁니다.
공적 연금 부채 말입니다.
그래요. 여러분의 걱정꺼리가 아마 백여가지는 될거라는것도, 공적 연금 부채는 그중의 하나가 아닐거라는 것도 알아요.
하지만 바로 그 점이 무서운 이유입니다. 그 누구도 거의 신경을 쓰지 않으니까요.
당신이 사는 곳이 완전 디트로이트처럼 변하고 있고 뼈빠지게 번 돈이 점점 더 다른 누군가의 부채 상환에 투입되도 괜찮은게 아니라면,
제 얘기를 계속 들어보세요.
그럼, 공적 연금 부채란 대체 뭘까요?
연금이란, 은퇴 이후 여생동안 돈이 지급되는게 보장되는 체계를 말합니다.
한때는 일자리 시장에서 연금상품 시장이 거대했습니다. 미국 대기업 모두가 연금상품을 보유했죠.
하지만 가격이 너무 비싸져서 기업들은 점차 연금상품을 폐지시켜나갔습니다.
하지만 연금상품은 공적 부문 즉, 공무원들을 대상으로 여전히 살아있고,
도시와 주의 예산을 열심히 갉아먹고있는 중이지요

Chinese: 
我想跟你聊聊
I want to talk to you,
有关于三个词
about three words,
那应该会让你 惊出一身冷汗
that should scare the heck out of you,
特别是 如果你是年轻人：
especially if you're young:
公共
public,
养老金
pension,
债务
liabilities.
好吧 我知道 你大概有一百桩事情
Okay, I know you probably have about a hundred things,
让你心烦意乱
you're worried about,
而 公共养老金债务 可能不是其中之一
and public pension liabilities likely aren't one of them.
但那就是 这事如此骇人的原因所在 —
But that's the reason this is so scary —
因为 它几乎没有引起 人们的关注
because almost no one is paying attention.
除非你不以为意：
Unless you're okay,
你的城市正彻底变成 底特律
with your city going full Detroit,
并且 从你辛苦挣来的钱中 拿出更多
and giving more of your hard-earned money,
去清偿 别人欠下的债务
to pay off someone else's debts,
听我细细道来
stay with me.
那 何谓一种名为公共养老金的债务?
So what is a public pension liability?
一份养老金 指的是一种获得保障的 需要毕生
A pension is a guaranteed, lifetime payment,
向某人 在他退休后给予的支付
to someone, after they retire.
在私营行业 退休金曾经是一个大问题
Pensions used to be a big deal in the private sector.
每一家美国主要的公司 都曾提供养老金
Every major American company had them.
但 它们变得太过于昂贵
But they became too expensive,
然后 各家公司已经采取步骤 逐步废止
and companies have taken steps to phase them out.
然而
However,
养老金仍然继续存在
pensions still live on,
于公营部门 ——
in the public sector —
存在于政府的雇员之中 ——
among employees of the government —
然后 它们正轻而易举地耗尽 城市和各州的预算
and they're eating city and states' budgets alive.

Chinese: 
越来越多的款项
More and more money,
它们本可以用作冲抵减税
that could go to tax cuts,
或提供更好的服务
or better services,
却反其道而行 被储备起来
is instead being shoveled aside,
以便支付这些养老补助金
to pay for these benefits.
为何会发生这些情况？
Why is this happening?
几十年来
Over decades,
政客们许下诺言
politicians have promised,
在养老金上投入数万亿美元 提供给政府工作人员
trillions of dollars in pensions to government workers.
那些人包括 警察
That includes police,
消防员
firefighters,
教师
teachers,
以及 城市和各州的官员们
and city and state officials.
你举出一份政府工作的名字
You name a government job,
那么 就存在一份与之相关的养老金
and there's a pension associated with it.
这会儿 你可能正在犯嘀咕
Now, you may be wondering,
“这些款项的金额有多大？”
"How big are these payments?"
许多的养老金数额 相当可观
Many pensions are quite large.
在加州
In California,
超过62,000名退休的政府雇员
more than 62,000 retired public employees,
正在领取的养老金数额 超过每年十万美元
are receiving pensions of over $100,000 per year.
有的时候
Sometimes,
情况甚至更疯狂
it's even crazier.
纽约市一名退休的环卫局工人
A retired New York City sanitation worker,
正在领取 每年285,000美元
is getting $285,000 per year.
在加利福尼亚 一名退休的县行政长官 会领取
A retired county administrator in California receives,
每年超过四十万美元
over $400,000 per year.
记住
Remember,
这些是获得保障的
these are guaranteed,
终身每年都要付的开支
lifetime yearly payouts.
好吧 我们热爱 我们的政府雇员
Now, we love our public employees.
他们的工作很重要
They do vital work,
对于 我们本地的社区
for our local communities,

Korean: 
감세를 해주거나 더 나은 서비스에 투입할 수 있었던 돈이 되려 더욱더 연금 지급금으로 빠져나갑니다.
왜 이렇게 됐냐고요? 수십년간, 정치인들이 공무원 연금에 수 조 달러를 들이붓기로 약속해왔거든요.
이런 공무원들 중에는 경찰, 소방관, 교사, 그리고 시 및 주 공무원들이 포함돼있죠.
정부에 딸린 일자리들은 하나같이,연금과 연계되어있습니다.
이쯤되면, 궁금해하실지도 모르죠. "연금 지급금 규모가 얼마나 큰가요?"라고요. 대부분의 연금 지급금은 꽤 거대합니다.
캘리포니아에서는, 공무원직에서 은퇴한 62,000명 이상의 인원이 1년에 10만 달러 이상을 받습니다.
어쩔때는 더 심하게 막나가죠. 뉴욕 시의 은퇴한 환경미화원 1인이
1년에 285,000달러를 연금으로 받습니다.
캘리포니아의 은퇴한 카운티 행정관은 인당 1년에 400,000달러 이상을 받아요.
기억하시길. 이 모든 금액이 남은 은퇴여생동안 각 1년마다 빠져나가는 돈입니다.

Chinese: 
越来越多钱 它们本可以用于减税或者更好的服务
More and more money that could go to tax cuts or better services
现在却被用来支付这些福利
is instead being shoveled aside to pay for these benefits.
为什么会发生这种情况？
Why is this happening?
几十年来
Over decades,
政客们给政府工作者承诺了数万亿美元的养老金
politicians have promised trillions of dollars in pensions to government workers.
他们包括警察、消防员、教师以及市和州政府
That includes police, firefighters, teachers, and city and state officials.
你随便说一份政府工作
You name a government job,
它肯定配套有养老金
and there’s a pension associated with it.
你可能想知道
Now, you may be wondering,
「这些报酬有多少?」
“How big are these payments?”
许多养老金数额相当大
Many pensions are quite large.
在加利福尼亚州
In California,
超过 62,000 名退休公务员 每年领取超过十万美元的养老金
more than 62,000 retired public employees are receiving pensions of over $100,000 per year.
有时甚至更离谱
Sometimes, it’s even crazier.
一位退休的纽约市环卫工人每年可以领到 285,000 美元
A retired New York City sanitation worker is getting $285,000 per year.
加利福尼亚州的一位退休县行政官员每年领到超过 40 万美元
A retired county administrator in California receives over $400,000 per year.
记住 这些是终身保障的年度报酬
Remember, these are guaranteed lifetime yearly payouts.
我们爱我们的公务员
Now, we love our public employees.

Portuguese: 
e eles estão comendo o orçamento das cidade e estados vivos. Cada vez mais dinheiro que poderia ir
para cortar taxações ou melhor serviço, é deixado de lado para pagar esses benefícios
Por que isso acontece? Por décadas, politícos tem prometido trilhões de dolares em pensões
Para trabalhadores do governo, Incluido policia, bombeiros, professores, e cidade e estados oficiais
Você nomeia um trabalho no governo, então há pensão nisso
Agora, você pode estar pensando, ''Quão grande são esses pagamentos?'' Monte de pensões são bastante
Largas, na California, mais de 62.000 aposentados públicos estão recebendo de pensão
Mais de $100.000 por ano. Algumas vezes, é uma loucura. Um aposentado de saneamento em Nova Iorque
Ganha $285.000 por ano. Um contador de administração aposentado na California recebe
$400.000 por ano
Lembre-se, esses pagamentos são garantidos em vitalicio por ano
Agora, nós amamos nossos trabalhadores públicos. Ele fazem

English: 
and they’re eating city and states’ budgets
alive. More and more money that could go
to tax cuts or better services is instead
being shoveled aside to pay for these benefits.
Why is this happening? Over decades, politicians
have promised trillions of dollars in pensions
to government workers. That includes police,
firefighters, teachers, and city and state officials.
You name a government job, and
there’s a pension associated with it.
Now, you may be wondering, “How big are
these payments?” Many pensions are quite
large. In California, more than 62,000 retired
public employees are receiving pensions of
over $100,000 per year. Sometimes, it’s
even crazier. A retired New York City sanitation
worker is getting $285,000 per year. A retired
county administrator in California receives
over $400,000 per year.
Remember, these are guaranteed lifetime yearly payouts.
Now, we love our public employees. They do

Portuguese: 
um trabalho vital para nossas comunidades locais e na larga sociedade. Eles merecem pagamentos competitivos
e aposentadorias benefícas. Mas atualmente, muitas cidades estão, em efeito, pagando multiplos
departamentos públicos ao mesmo tempo: O departamento que trabalha agora e, porque há
pessoas vivendo mais, um gerador ou duas aposentadorias. O sistema montado para uma persoa perpetuar
no carrossel de corrupção. Setores públicos dão larga doação para candidatos, que são
responsáveis por negociar quanto do seu dinheiro vai para o setor de trabalhadores públicos
Esses acordos não são uma promessa de alta sálarial, mas eles também escondem
pagamentos que vão ser vencidos, quando isso ser muito tarde.
O resultado são previsíveis. Estados e governos locais nos E.U.A
Admitem abertamente que 1.4 Trilhões de dolares não são financiados na pensões, ou $11.000 por casa
''não são financiados'' significa que tem promessa de pagamento, mas não tem dinheiro no banco
E isso é admitido. O número real, de acordo com a

Korean: 
자, 우린 공무원들을 좋아합니다. 이들은 우리 지역 집단 및 좀 더 광역 집단을 위해 꼭 필요한 일을 수행하니까요.
이들은 합당한 보수와 은퇴 후의 혜택을 받을 자격이 있습니다.
하지만 지금 대부분의 도시들은 사실상 여러 공공부처에 동시에 비용을 불입하고 있습니다.
현재 일하고있는 부처들, 그리고 1 또는 2세대의(수명이 늘어나버려서) 퇴직자 세대에게 말입니다.
연금체계는 자가영속적이면서 부패를 거듭하는 회전목마와 같은 지경에 이르렀습니다.
공공부문 노조는 후보자들에게 후원을 어마어마하게 해주고,
공공부문 노동자들에게 여러분의 혈세를 얼마나 지급해줄지 협상하는 일 역시도 맡습니다.
이런 조치는 단기적으로 봤을 때 높은 급여를 약속해줄 뿐만 아니라,
나중에 가서 알아차렸을 때는 이미 너무 늦어버린 수준으로 연금을 많이 지급하게 되는걸 숨기기도 하죠.
이로 인한 폐단은 예견된 수순입니다. 미 전역의 주 및 지방정부가
공개적으로 인정한 미지급 연금 부채만 해도 1조 4천억 달러에 달하고,
이는 각 가구당 11,000달러에 달하는 액수죠.
"미지급 부채"란 지급하기로 약속했지만 실제 돈은 은행에 없는 달러를 말합니다.
그리고 이는 정부가 인정한 액수에 불과합니다.

English: 
vital work for our local communities and the
wider society. They deserve competitive pay
and retirement benefits. But currently, many
cities are, in effect, paying for multiple
public departments at the same time: the department
that’s working now and, because people are
living longer, a generation or two of retirees.
The system amounts to a self-perpetuating,
corrupt merry-go-round. Public-sector unions
give large donations to candidates, who are
then responsible for negotiating how much
of your money goes to public sector workers.
These arrangements not only promise high salaries
in the short-term, but they also hide the
payments that will be due down the road when
it will be much too late.
The results are predictable.
State and local governments across the U.S.
openly admit to 1.4 trillion dollars of unfunded
pension liabilities, or $11,000 per household.
“Unfunded” means dollars that have been
promised, but there’s no actual money in
the bank. And that’s just the amount they
admit to. The real number, according to the

Chinese: 
以及 更大范围的社会
and the wider society.
他们配得上
They deserve,
有竞争力的薪酬
competitive pay,
以及 退休后所享的津贴
and retirement benefits.
但是 目前
But currently,
许多的城市
many cities are,
实际上
in effect,
正在同一时间 为重复的公共部门付款：
paying for multiple public departments at the same time:
那个 现在正在运作的部门
the department that's working now,
以及 由于人们的寿命 正在延长
and, because people are living longer,
一代 或者是 两代的
a generation or two,
退休人员
of retirees.
这个系统相当于是一座 自我延续的
The system amounts to a self-perpetuating,
腐败的 旋转木马
corrupt merry-go-round.
公营部门的工会
Public-sector unions,
向候选人 提供了大笔的捐款
give large donations to candidates,
而候选人 则随后会负责 商议决定
who are then responsible for negotiating,
你缴的税款中 有多少 会交给 公营部门的工作人员使用
how much of your money goes to public sector workers.
这样的安排 不仅仅会承诺
These arrangements not only promise,
短期内兑现的 高额薪水
high salaries in the short-term,
而且他们也会藏匿
but they also hide,
在未来 将不得不支付的款项
the payments that will be due down the road,
那时 这些都将变得为时太晚
when it will be much too late.
这个结果 是可以预料的
The results are predictable.
遍及全美的各州和地方政府
State and local governments across the U.S.,
公开承认 存在1.4万亿美元
openly admit to 1.4 trillion dollars,
无法给付的 短期养老金债务
of unfunded pension liabilities,
也就是说 每户11,000美元
or $11,000 per household.
“无法给付”的意思是 已经被承诺 将要支付的钱
"Unfunded" means dollars that have been promised,
但是 在银行账户上 实际上却没有钱
but there's no actual money in the bank.
而且 这笔数额 只不过是他们承认的
And that's just the amount they admit to.
真实的数字
The real number,

Chinese: 
他们的工作对我们的当地社区和更广泛的社会至关重要
They do vital work for our local communities and the wider society.
他们应该得到有竞争力的薪酬和退休福利
They deserve competitive pay and retirement benefits.
但是目前 许多城市实际上
But currently, many cities are, in effect,
是在同时为多个公共部门付钱
paying for multiple public departments at the same time:
现在正在运作的部门
the department that’s working now
而且 由于现在人们寿命更长 和一两代退休人员
and, because people are living longer, a generation or two of retirees.
这个系统相当于一个自我延续的、腐败的旋转木马
The system amounts to a self-perpetuating, corrupt merry-go-round.
公共部门工会向候选人提供大量捐款
Public-sector unions give large donations to candidates,
然后由候选人负责协商
who are then responsible for negotiating
你的钱有多少流向公共部门工人
how much of your money goes to public sector workers.
这些安排不仅保证了短期内的高薪
These arrangements not only promise high salaries in the short-term,
而且还遮掩了总有一天到期的未付款
but they also hide the payments that will be due down the road
到那时就为时已晚了
when it will be much too late.
结果不难预料
The results are predictable.
美国各州和地方政府
State and local governments across the U.S.
公开承认有 1.4 万亿美元无资金准备的养老金负债
openly admit to 1.4 trillion dollars of unfunded pension liabilities,
相当于每个家庭 1.1 万美元
or $11,000 per household.
「Unfunded」意思是已经承诺支付
“Unfunded” means dollars that have been promised,
但是银行里没有实际资金的
but there’s no actual money in the bank.
这还只是他们承认的数目
And that’s just the amount they admit to.

English: 
Federal Reserve, is much larger—around 4
trillion dollars, or $32,000 per household.
Pensions have already thrown California cities
like San Bernardino and Vallejo into bankruptcy.
And the entire state of Illinois is teetering
on the edge.
So how do politicians get away with this?
They use a time-tested political strategy:
they lie.
They lie by saying they can pay for more and
more generous pensions—not by collecting
more taxes, but by making investments at a
“guaranteed” 7.5% return.
But this is nonsense. It’s less and less
likely they’ll meet their 7.5% goal over
time, and their investment behavior—pouring
ever more funds into ever riskier investments—suggests
they know it. But if they were to use a more
realistic assessment, they’d need to raise
taxes dramatically.
And they love their jobs too much for that.
We can, however, turn the odds in our favor—with public pressure,

Chinese: 
根据美联储的数据
according to the Federal Reserve,
要大得多 ——
is much larger —
大约为 四万亿美元
around 4 trillion dollars,
也就是说 每户32,000美元
or $32,000 per household.
养老金困局 已经将加利福尼亚的城市
Pensions have already thrown California cities,
例如 圣贝纳迪诺
like San Bernardino,
以及 瓦列霍
and Vallejo,
置于破产的境地
into bankruptcy.
同时 整个的伊利诺伊州
And the entire state of Illinois,
正在其边缘 摇摇欲坠
is teetering on the edge.
那么 政客们怎么做 才能避免被追责？
So how do politicians get away with this?
他们使用一款 屡试不爽的政治策略：
They use a time-tested political strategy:
他们撒谎
they lie.
他们撒谎
They lie,
通过夸口说 他们能够支付 越来越慷慨的养老金 ——
by saying they can pay for more and more generous pensions —
不是通过收缴 更多的税款
not by collecting more taxes,
而是通过 对一项保障收益率达到7.5%的项目 进行投资
but by making investments at a "guaranteed" 7.5% return.
但那是 胡说八道
But this is nonsense.
这种可能性 越来越小
It's less and less likely,
即 时移世易 他们仍能达其7.5%的目标
they'll meet their 7.5% goal over time,
而且 他们的投资行为 ——
and their investment behavior —
将较以往更多的资金 注入 较以往更具风险的投资项目 —
pouring ever more funds into ever riskier investments —
表明 他们对此心知肚明
suggests, they know it.
但是 如果他们打算使用一项 更为现实的评估
But if they were to use a more realistic assessment,
他们将会需要 出人意料地增加税负
they'd need to raise taxes dramatically.
然而 他们太爱他们的工作了 没法那么做
And they love their jobs too much for that.
然而 我们能够
We can, however,
扭转局势 使之对我们有利 —
turn the odds in our favor —
借助于 公众的压力
with public pressure,
公众自律
discipline,

Korean: 
연준에 따르면, 실제 액수는 훨씬 거대하다고 합니다. 약 4조 달러 또는 각 가구당 32,000달러라고 하죠.
연금 부채는 이미 샌 버나르디노와 발레호같은 캘리포니아의 도시들을 파산으로 몰아가버렸습니다.
또한 일리노이 주 전체는 파산 직전에 내몰렸죠.
그럼 정치인들은 어떻게 이 문제를 해결하고 있을까요? 이들은 오랜 세월동안 검증된 정치전략을 구사합니다 :
"거짓말"이죠.
정치인들은 훨씬 더 풍성하게 연금을 지급할 수 있다고 거짓말을 하죠.
세금을 더 거둬서가 아닌, 투자를 통해 수익 7.5%를 보장하는 방식을 통해서 말입니다.
하지만 이건 어불성설입니다. 시간이 거듭 흐를수록 7.5%라는 목표 수익률 달성 확률은 더욱 줄어들거고,
그리고 이들의 투자행태를 보면,
역대급 혈세를 역대급으로 위험한 투자처에 들이붓고 있는데, 지들도 발등에 불이 떨어진걸 안다는걸 암시하죠.
하지만 좀 더 현실적인 평가를 내린다면, 세금을 급격하게 인상하지 않으면 안됩니다.
그리고 그렇게 하기에는, 철밥통이 너무나도 소중하지요.

Portuguese: 
Reserva Federal é muito pior - cerca de 4 trilhões de dolares, ou $32.000 por casa
Pensões tem sido jogadas nas cidades da California como San Bernardino e Vallejo para a falência
E estados inteiros de Illnois está beirando o abismo
Então como fazer políticos vazarem?
Eles usam a estratégia política testada por tempos:
ELES MENTEM
Eles mentem por falarem que podem pagar mais e
mais pensões - não aumentando mais impostos, mas por fazer investimentos em uma
''garantia'' 7.5% retorna. Mas isso é sem sentido. Isso é casa vez menos
provável que eles vão conhecer seus 7.5% de meta, e seus comportamentos de investimento - colocando
sempre mais fundos em risco de investimento - provavelmente eles sabem disso. Mas se eles serem mais
realistas na taxação, eles irão precisar aumentar drasticamente os impostos
E eles amam seus trabalhos demais fazer isso
Nós podemos, como sempre, inverter as perdas ao nosso favor - Com pressão pública

Chinese: 
美联储的数据显示 实际数字要大得多
The real number, according to the Federal Reserve,
大约为 4 万亿美元
is much larger—around 4 trillion dollars,
即每个家庭 3.2 万美元
or $32,000 per household.
养老金已经把圣贝纳迪诺和瓦列霍等加州城市推到了破产境地
Pensions have already thrown California cities like San Bernardino and Vallejo into bankruptcy.
整个伊利诺伊州都在危机的边缘
And the entire state of Illinois is teetering on the edge.
那么 政客们是如何逃脱责任的呢？
So how do politicians get away with this?
他们使用了经久不变的政治策略：撒谎
They use a time-tested political strategy: they lie.
他们撒谎说他们能够支付越来越丰厚的养老金
They lie by saying they can pay for more and more generous pensions
不是通过征收更多的税收
—not by collecting more taxes,
而是通过收益率为「有保证的」7.5% 的投资
but by making investments at a “guaranteed” 7.5% return.
但这是无稽之谈
But this is nonsense.
时间证明 他们实现 7.5% 收益率的可能性越来越小
It’s less and less likely they’ll meet their 7.5% goal over time,
而他们的投资行为
and their investment behavior
将越来越多资金投入风险更高的投资
—pouring ever more funds into ever riskier investments—
说明他们知道这一点
suggests they know it.
但是 如果他们采用一种更为现实的评估方法
But if they were to use a more realistic assessment,
他们就需要大幅提高税收
they’d need to raise taxes dramatically.
但他们这么做工作就不保了
And they love their jobs too much for that.
然而 我们可以扭转形势
We can, however, turn the odds in our favor

Chinese: 
以及 公众的常识感
and common sense.
以下是 需要采取的措施：
Here's what needs to happen:
首先
First,
我们需要 各州和地方政府
we need state and local governments,
如实地报告 无法偿付债务的情况：
to report unfunded liabilities honestly:
那个真实的数据 —
the real numbers —
使用的回报率为2~3%
using the 2-3% yields,
那是 资金充裕的健康财务报告 所要求的
that sound financial reporting would require.
别再玩“天上掉馅饼”的把戏
No more pie-in-the-sky stuff.
真相会让选民受到触动 以致于要求采取行动
The truth should shock voters into demanding action.
第二
Second,
我们必须逐步废止 那种获得保障的养老金计划
we must phase out the guaranteed pension programs,
应当 尽可能地快
as quickly as possible,
并且 引入401K计划
and introduce 401K plans.
401K计划
401K plans,
如果设计得当
if designed properly,
可以提供 极佳的退休补助金
can provide excellent retirement benefits.
这些计划
These plans,
另外也有着 便于携带的优点
also have the advantage of being portable.
如果 你离开公营部门
If you leave the public sector,
然后 进入私营行业工作
and go work in the private sector,
你有机会 带着你的钱离开
you get to take your money with you.
换句话说
In other words,
你不必一辈子 都被锁定在 一份政府工作的岗位上
you don't have to be locked-in to a lifetime government job,
才能换得 退休补助金
to receive retirement benefits.
双赢之道
Win-win.
让我们终结 目前这种 组织公营部门养老金的架构
Let's end the current structure of public sector pensions,
然后 转换至一种 可持续的方式
and move to a sustainable way,
以便为我们的政府从业人员 提供支付
of compensating our public workforce.
救救你的城市
Save your city.
救救你的州
Save your state.
救救你的钱
Save your money.

English: 
discipline, and common sense.
Here’s what needs to happen:
First, we need state and local governments
to report unfunded liabilities honestly:
the real numbers—using the 2-3% yields that
sound financial reporting would require.
No more pie-in-the-sky stuff. The truth should
shock voters into demanding action.
Second, we must phase out the guaranteed pension
programs as quickly as possible and introduce
401K plans. 401K plans, if designed properly,
can provide excellent
retirement  benefits.
These plans also have the advantage
of being portable. If you leave the public
sector and go work in the private sector,
you get to take your money with you. In other
words, you don’t have to be locked-in to
a lifetime government job to receive retirement
benefits. Win-win.
Let’s end the current structure of public
sector pensions and move to a sustainable
way of compensating our public workforce.
Save your city.
Save your state.

Chinese: 
通过公众压力、自律和常识
—with public pressure, discipline, and common sense.
以下是我们需要做的
Here’s what needs to happen:
首先
First,
我们需要州政府和地方政府诚实地报告无准备金负债
we need state and local governments to report unfunded liabilities honestly:
实际数字
the real numbers
使用 2-3% 的收益率做出可靠的财务报告
—using the 2-3% yields that sound financial reporting would require.
不要再说什么天上掉馅饼的事了
No more pie-in-the-sky stuff.
真相会让选民震惊到要求他们采取行动
The truth should shock voters into demanding action.
其次 我们必须尽快逐步取消有保障的养老金计划
Second, we must phase out the guaranteed pension programs as quickly as possible
并引入 401K 计划
and introduce 401K plans.
401K 计划 如果设计得当
401K plans, if designed properly,
可以提供极好且可持续的退休福利
can provide excellent retirement  benefits.
这些计划还具有可转移的优点
These plans also have the advantage of being portable.
如果你离开公共部门到私营部门工作
If you leave the public sector and go work in the private sector,
你可以带着你的钱一起走
you get to take your money with you.
换句话说
In other words,
你不必为了领取养老金而困在一份终身的政府工作中
you don’t have to be locked-in to a lifetime government job to receive retirement benefits.
双赢
Win-win.
让我们终结现有的公共部门养老金结构
Let’s end the current structure of public sector pensions
转向一种可持续的方式来补偿我们的公共部门劳动力
and move to a sustainable way of compensating our public workforce.
拯救你的城市
Save your city.
拯救你的州
Save your state.
拯救你的钱
Save your money.

Portuguese: 
Disciplina, e senso comum. Isso é o que precisa acontecer:
Primeiro, nós precisamos de honestos 
estados e governos locais reportarem a falência nas pensões
os reais números - Usando os rendimentos de 2-3% que soam necessário
Sem mais paraíso na terra, A verdade deve chocar votos em ações exigentes
Segundo, nós devemos terminar com pensões garantidas o mais rápido possível, e introdozir
401K planos. 401K planos, se desenhado apropriadamente, podem gerar excelentes
Benéficas aposentadorias.
Esses planos também tem a vantagem de serem portátil. Se você vive em um setor
público e trabalha em setor privado, você pega seu dinheiro. Em outras
palavras, você não precisa ficar preso em trabalho de governo vitalício para receber a aposentadoria
benefícos. ganhe e ganhe. Vamos acabar com a atual estrutura do setor pública
em pensões, e mover para uma sustentável maneira de compensar nossas forças no trabalho público
Salve sua cidade. Salve seu estado

Korean: 
하지만 좀 더 나은 쪽으로 판을 바꿀 수도 있습니다. 여론의 압력이나 규정, 그리고 상식을 내세우면 말입니다.
그러려면 다음과 같은 일이 일어나야만 합니다 :
첫째, 주 및 지방정부들이 미지급 부채를 솔직하게 공개해야만 합니다.
진짜 수치 즉, 2-3%의 수익률을 담보하는 건전한 재정보고서가 꼭 필요하지요. 그림의 떡같은 수익률은 이제 그만 포기해야죠.
까다로운 방식을 통해 진실이 까발려지면서 유권자들에게 충격을 줘야합니다.
둘째, 철밥통 연금 프로그램을 가능한 한 빨리 폐지해나가고 401 K 플랜을 도입해야합니다.
적절하게 구성된 401 K 플랜은
은퇴 후 혜택을 완벽하게 제공해줄 수 있지요.
또한, 이러한 플랜들은 이환이 가능하다는 장점도 갖고있습니다.
공공부문에서 퇴직하고 사적 영역에서 일하게 되더라도 노후 자금을 그대로 가져갈 수 있죠.
즉, 은퇴 후의 혜택을 수령하기 위해 한평생 정부에 매여있을 필요가 없다는 말이기도 합니다. 윈-윈이죠.
공공부문 연금 제도의 현행 구조를 종식시키고
우리 사회 공무원 인력들에게 지속가능한 보상을 지불해주는 길을 향해 나아갑시다.
도시를 구하고, 주(State)를 구하고, 여러분의 자산을 구해냅시다.

Portuguese: 
Salve seu dinheiro. Eu sou Joshua Rauh, professor de finanças em
Standord e Senior Fellow em Hoover Institution, por Prager University

Korean: 
저는 스탠퍼드 대학교 경영학 교수이자 후버 연구소의 임원인 조슈아 라우입니다.
이상으로 프레이거 대학 강의를 마칩니다.
시청해주셔서 감사합니다.
프레이거 대학 영상이 계속 무료로 배포되기 위해,
세금 공제 혜택도 받으시면서 후원의 손길을 이어가주시길 부탁드립니다.

English: 
Save your money.
I’m Joshua Rauh, professor of finance at
Stanford and Senior Fellow at the Hoover Institution,
for Prager University.

Chinese: 
我是乔舒·亚劳 斯坦福大学金融学教授
I’m Joshua Rauh, professor of finance at Stanford
及胡佛研究所高级研究员
and Senior Fellow at the Hoover Institution,
为 PragerU 制作
for Prager University.

Chinese: 
我是 约书亚·劳
I'm Joshua Rauh,
斯坦福大学的金融学教授
professor of finance at Stanford,
以及 胡佛研究所的高级研究员
and Senior Fellow at the Hoover Institution,
为普拉格大学制作
for Prager University.
