Louis DeBroux: Public Employees Resist Pension Reform as Crisis Looms
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Title : Louis DeBroux: Public Employees Resist Pension Reform as Crisis Looms
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Title : Louis DeBroux: Public Employees Resist Pension Reform as Crisis Looms
link : Louis DeBroux: Public Employees Resist Pension Reform as Crisis Looms
news-today.world | According to a new report, states face a collective [pension funding shortfall of $1.4 trillion.
“Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.” —Frederic Bastiat, French Economist (1801-1850)
For years, state and local politicians have ignored a looming fiscal crisis; namely, rapidly exploding deficits to public-sector employee pensions. Unfortunately, ignoring the problem does not make it go away, and now politicians, public employees and unsuspecting taxpayers face a brutal reality.
According to a new report by the Pew Charitable Trusts, states face a collective pension funding shortfall of $1.4 trillion. To put that into perspective, that amounts to roughly three times the annual budgets of California, Texas, New York and Florida … combined.
States must now choose among unpleasant options: cut back on other government services like education, public safety and parks to redirect funds to public employee pensions; raise taxes (angering voters and slowing economic growth); or reducing lavish public employee benefits (angering powerful unions).
More
“Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.” —Frederic Bastiat, French Economist (1801-1850)
For years, state and local politicians have ignored a looming fiscal crisis; namely, rapidly exploding deficits to public-sector employee pensions. Unfortunately, ignoring the problem does not make it go away, and now politicians, public employees and unsuspecting taxpayers face a brutal reality.
According to a new report by the Pew Charitable Trusts, states face a collective pension funding shortfall of $1.4 trillion. To put that into perspective, that amounts to roughly three times the annual budgets of California, Texas, New York and Florida … combined.
States must now choose among unpleasant options: cut back on other government services like education, public safety and parks to redirect funds to public employee pensions; raise taxes (angering voters and slowing economic growth); or reducing lavish public employee benefits (angering powerful unions).
More
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You are now reading the article Louis DeBroux: Public Employees Resist Pension Reform as Crisis Looms With link address https://newstoday-ok.blogspot.com/2018/04/louis-debroux-public-employees-resist.html