Public Employees Resist Pension Reform as Crisis Looms
Public Employees Resist Pension Reform as Crisis Looms - Hallo World !!! News Today in World, In this article you read by title Public Employees Resist Pension Reform as Crisis Looms, We've prepared this article well so you can read and retrieve information on it. Hopefully the contents of the post
Article Salisbury News, What we write can you understand. Okay, happy reading.
Title : Public Employees Resist Pension Reform as Crisis Looms
link : Public Employees Resist Pension Reform as Crisis Looms
You are now reading the article Public Employees Resist Pension Reform as Crisis Looms With link address https://newstoday-ok.blogspot.com/2018/04/public-employees-resist-pension-reform.html
Title : Public Employees Resist Pension Reform as Crisis Looms
link : Public Employees Resist Pension Reform as Crisis Looms
news-today.world | 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).
The painful process is already underway. States like Arizona, Oklahoma, West Virginia and Kentucky face or have faced teacher strikes if demands for massive pay increases — as much as 20% immediately — are not met. Oklahoma’s teachers have been striking for more than a week, and West Virginia’s returned only after securing a 5% pay raise, even as state leaders warned of budget cuts elsewhere, including Medicaid, to pay for the raises.
Politicians have played a shell game for years, making contractual promises to public labor unions that are impossible to meet, using sleight-of-hand accounting gimmicks to hide the truth, even as they negotiated ever larger pensions with the unions with no way to fund them, hoping to be retired when it blew up..
More here
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).
The painful process is already underway. States like Arizona, Oklahoma, West Virginia and Kentucky face or have faced teacher strikes if demands for massive pay increases — as much as 20% immediately — are not met. Oklahoma’s teachers have been striking for more than a week, and West Virginia’s returned only after securing a 5% pay raise, even as state leaders warned of budget cuts elsewhere, including Medicaid, to pay for the raises.
Politicians have played a shell game for years, making contractual promises to public labor unions that are impossible to meet, using sleight-of-hand accounting gimmicks to hide the truth, even as they negotiated ever larger pensions with the unions with no way to fund them, hoping to be retired when it blew up..
More here
That's an article Public Employees Resist Pension Reform as Crisis Looms
Fine for article Public Employees Resist Pension Reform as Crisis Looms This time, hopefully can benefit for you all. Well, see you in other article postings.
You are now reading the article Public Employees Resist Pension Reform as Crisis Looms With link address https://newstoday-ok.blogspot.com/2018/04/public-employees-resist-pension-reform.html