Monday, October 24, 2011

Rhode Island and America's pending insolvency

I liked this paragraph so much from Walter Russell Mead's "Athens of America?" about Rhode Island's coming bankruptcy that I had to copy it here:
Let’s be crystal clear about this.  To tell a 50 year old pretty lies about the soundness of a pension plan is one of the most wicked and irresponsible things you can do without actually shedding blood; people who believe these phony promises will not make the extra savings, work the extra years or otherwise take steps to protect themselves until it is too late.  Telling those pretty lies is exactly what Rhode Island’s establishment has been doing for some time; it is what Ostrich Party legislators, trade unionists, journalists and governors are still doing across much of the country.
Emphasis mine.  This is institutionalized mendacity and millions of Americans have made plans for the future built on false promises.  The green-eyeshade types can sense the magnitude of our unfunded promises and are making the necessary adjustments.

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