September 15, 2012
MORE ON THOSE UNDERFUNDED/OVERGENEROUS PUBLIC PENSIONS: Pension system is a bankrupt promise. “The Kentucky Public Employee Pension System is a bankrupt promise that the state legislature cannot keep. Taxpayers should be furious that lawmakers – through greed, mismanagement and inaction – have allowed this system to deteriorate. State employees should be equally as angry at the prospect that they may never collect the pensions they have been promised.”
That’s the pattern around the country, alas. Meanwhile, private corporations have more flexibility: New York Times Cuts Pensions In New Offer To Former Staffers.