Steve's barking at Bloomberg take on pensions

It's that time of year,when people like Mike Bloomburg make me feel like a fool.
Now you might ask, how can the great mayor of my great city make me feel like a fool?
I thought he was smart, but after hearing his rant that the city needs pension reform and making remarks that 7.5% on investments is unrealistic I'm beginning to question his intelligent.
If one was to buy triple A corporate bonds which are at an historic low you would get a yield over just over 4% after paying commissions. Now if my math hasn't failed me and you compound this four percent for 35 years (the expected working life of government workers) should be over 8%.
Now my businessman mayor said that it's common to have overruns, even in business, and I yelled at my painter for trying to charge me more because he misjudged the amount of paint to do my apartment. I guess I'd make a lousy business person.
I keep hearing about this pension time bomb, because people are living longer. Now if that's true my insurance company that I have my life insurance is going to explode too, after all they sell annuities which is almost the same thing as a pension, isn't it?
Now Capt Andy (Cuomo) is suggesting that under a new pension proposals that the state would pay up to 10% of pay matching 401k. This will help the state who up until this year was paying 3.5% of salary.