Matthew Yglesias » The Looming Public Pension Disaster: "High up on my list of sources of national doom that people don’t talk about enough is the looming fiasco in pensions for state and local public employees. For obvious reasons, no governor or mayor wants to raise taxes or cut spending to give public employees a raise. But a public employee strike is also bad politics. So you can promise people generous amounts of money in the future via a defined benefit pension plan, and kick the can down the road."
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This is going to be a train wreck.
1 comment:
And especially in Illinois, where the pension overhang is bigger than any other state, and where the bid for a constitutional convention was defeated in considerable part by unions paranoid about delegates making changes to their pensions through the constitution.
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