Haha, I am in one of the state pension system, and know a little

The reason to cuase this big hole is not just the good benefit. The match-up money from the government never realized is another reason in my state. Like you take a private job, and the employer promised to give 6% match-up for your 401K, and then it take is back, what do you think? The government is in a better place by promising that "Don;t worry, we don;t give you the match-up now, but we will cover all your benefit later."

This has been a big issue in the U.S. system--all politicians want to show something to the voters by using more future money. Therefore the hole become bigger and bigger. I believe the privatization is the way to go, too. The pension system in a lot of companies are bought out. The state ension system might have the same fate eventually. 

I read Wisconsin's news. At this moment, it is the union power struggling. Not touch the pension yet. If you want to see pension struugling, you should study Colorodo. Its case is already in court now, a widely watched case. The out-coming will be interested.

Haha, if the american government has the same power as Chinese government, I bet this is no issue at all.:).