I have heard some (particularly those on the left) who say that the market is does not affect most Americans, or that most Americans are not involved in the market. Of course, this idiotic on its face. However, how do civil servants like cops, firefighters, and teachers get their pensions funded exactly. Do the taxpayers shell it out once they retire? I thought the local and state governments hire pension fund managers who in turn invest in the market. And, in turn those returns then pay for the pensions. So, when we say that the taxpayer funds retirements then do we really mean that the taxpayer is funding the pension fun manager fees?