Day of reckoning on pensions
Here is something that is interesting. The biggest problem that all state and local governments are facing is the pension bills they have rung up. Most of them institutionalize a run up in salary in the last few years or employment to up the employee’s pension… often to amounts exceeding their real regular salary.
“Many state and local government employees have been promised pensions that the public couldn’t have afforded even had there been no crash.”