I know this isn’t the “sexiest” of topics, but in terms of impact on the lives of everyday people, it is the one you will likely be feeling most directly in the form of higher taxes, since legally these promises cannot be taken away from current retirees (nor should they).Yes, yes, testify brother! On local, state, and national levels, our legislators and leaders have made increasingly expensive promises that simply cannot be kept. I know discussions of pension reform and demographic shifts are as stimulating as an Ambien chased with red wine, but it’s these meat-and-potatoes issues that will determine the long-term fiscal health of our government.
Friday, January 26, 2007
Right back at-cha! – In a shameless example of circular linking, I have to highlight this paragraph from Bulldog Pundit’s post referring to my post on public pension costs in the Bay State:
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I don't know about states, but municipal governments *can* go bankrupt, and have.
Unsupportable promises will eventually be, well, unsupportable. Perhaps that a paraphrase of Stein (Herbert? Nixon's guy, anyway), but it's still accurate.
Maybe a promise is a promise, but if there simply isn't enough money, then there simply isn't enough money. I don't see why this is so hard to understand.
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