To The Casino
Public Pension Funds Are in Trouble
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  • Boritz

    “Add lefty NPR to the list of voices raising the alarm on the soundness of some public pensions.”

    The time to raise such an alarm is when the fund is established and anytime concessions are made to union demands for more and more. The left is happy to blame GM managers who caved to union demands for unsustainable retirement benefits but has nothing to say to the unions who made the demands in the first place. Those who are so fixated on sustainability when it comes to power consumption, fuels, and cod fish might be expected to consider sustainability when teachers or whoever are demanding more and more from systems that can’t possibly give them everything they want. The bitter end is too late to find in one’s liberal soul an interest in pension sustainability.

  • Andrew Allison

    There are two issues here, the irresponsibility of the promises made to public employees and the flagrant disregard for their fiduciary obligations to said employees by the fund managers. Let’s not confuse them.

  • FriendlyGoat

    “If we were teachers in Ohio, this is not the kind of creativity we would welcome.”

    AND YET, conservatives in general recommend the 401(k)/IRA model for workers in general—-where individuals are to find themselves stuck with the exact same problem of far-too-low returns on prudent investments.

    Tax cuts blew up the financial world to the point of crisis—-and now central banks are screwing every little saver for years (or decades) to compensate for the mess that tax cuts caused.

    What to do? Blame the greedy workers and their unions? Well, that IS what conservatives are doing.

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