The Virginia retirement system, one of the few systems in the country to be in reasonably good shape just a few years ago, is in trouble, says the Washington Examiner. The reason: poor returns in the markets and cretinous, cowardly decisions by the legislature to cut the state contributions to the fund in order to pay urgent bills. The gap is now estimated at $20 billion.Note to legislators and people of Virginia: hope is not a plan. The question is who are the political panderers in the legislator lying to: voters or state workers? They are lying to someone — they are making promises that they know cannot be kept. Are they planning to raise taxes and cut services at a later date to honor their retirement promises to employees, or are they planning to stiff retirees in a few years when the money is gone?Maybe they are hoping that fairies from Neverland will sprinkle Virginia with magic pixie dust that causes golden toadstools to grow on state property, thereby funding the pension obligations in future years. But unless something like that happens, Virginia is sleep walking toward disaster.Apparently, neither voters nor state employees care that the state government is walking off a cliff. Some day, they will.
Another One Bites The Dust
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