Massive Taxpayer Backlash Over Pension Crisis Is Coming

Unions Are The Problem

Unions are half the problem. The other half of the problem is bureaucrats caving in to Union demands. It is insane for 57% of money being spent on police and fire services to be for pensions. I am hoping such contracts get voided. One way to do it by municipal bankruptcies.

Ridiculous unions contracts caused the bankruptcy of Vallejo, California. Please see Surge In Municipal Bankruptcies Coming for more details.

Defined benefit plans must go. Taxpayers simply cannot afford the burden.

via Mish’s Global Economic Trend Analysis: Massive Taxpayer Backlash Over Pension Crisis Is Coming.

A great point: everyone is to blame for pension costs and liabilities. Unions for insisting on rediculous pension benefits and early retirement and administrators for giving in. Both sides have blithely ignored the issues for years as liabilities piled up. A couple of healthy bankrupcies would help the average department reconsider their positions.