Public pension panic
By The Baltimore Examiner Newspaper
- 9/21/08
It’s pension panic time. Panic early. Panic often. Demand reform. Public employees must take control of their financial destinies.
Politicians have made promises they never can keep. They and the union bosses who fleece workers don’t have to worry about it because they figured by the time the inexorable mill of reality turns up their deceit, it all will be somebody else’s problem.
They counted on being long gone with millions – maybe billions. Well, the day of reckoning arrived a little earlier than they anticipated.
Why state and municipal workers are not up in arms about it is anybody’s guess, but they and taxpayers must prepare for a battle for survival.
Even before the financial Apocalypse last week, total retirement benefits for Maryland’s public employees were underfunded by at least $45 billion. ... CLICK TO READ IT ALL
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