Wednesday, February 11, 2015

The big squeeze

Hit and Run: "Even Democrats are hating on public-sector unions these days."
Politicians can be extremely generous to current workers by promising them spectacular and guaranteed payouts that will be covered by future taxpayers. But those days are ending. Again and again—and certainly in states such as Illinois and cities such as Detroit—those promissory notes are coming due and there's just no way they can be cashed.
And when the pension bills come due, the general budget takes a hit.  No more Parks and Recreation.

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