Phil323 Wrote:
Jul 26, 2012 4:27 PM
The current public pension system is a disaster. Deals are being brokered on completely ridiculous economic assumptions (http://on.wsj.com/qB3BON), and it was only a matter a time before a number of them totally ran out of money. However, it’s not just unions to blame. Politicians who gave out these deals, fearing the lobbying weight that unions hold (http://bit.ly/HcCfwK) deserve as much blame too. These cities had opportunities to fix things, but chose not to risk the political fallout (http://bit.ly/PSZq4W). It’s easy to negotiate a contract you know you can pass off to the next wave of politicians. It’s not all that surprising to see the wave of bankruptcies that are starting to sweep the nation considering these circumstances.