Saturday, May 22, 2010

More on Public Pensions

NYT forum on the grave problems with state pensions. This state and municipal pension crisis is absolutely poisonous to the trust of the elecorate, in their government.  The combined degree of incompetence, corruption and self-serving short-term thinking required to mess up this badly is staggering. Any competent normal organization (business would be the archetype) first and foremost safeguards its own financial best interests. That governments have dug such a deep hole makes one question why they should be trusted to do much of anything. (Note--In case anyone is wondering, I am not saying this as an anarcho-rightist, I have no doubts that effective government is crucial for life, liberty and the pursuit of happiness. I am merely making an observation.)

(Sadly, it is also another nail in the coffin of defined-benefit pensions, in general. Not that the coffin lacked for nails. And I would have to say, if the vast majority of private industry employees can't expect a pension, I see no reason why they should be retained for public employees.)


  1. You're forever hearing that it's too make up for their low salaries, but have you looked at gov't salaries lately? I'd like to make one of those lower salaries.

  2. That seems to be something that has changed in the last 20 years or so. That was one point that the "Texas vs California" article was making.