Pension Time Bomb

Hat tip to Dileep on pointing this article out to me. George Will writes an interesting piece on a favorite rant of mine.

Pension Time Bomb by George Will

Here's a good excerpt but the entire piece is well worth reading.

Vallejo is an ominous portent for other cities, and some states, few of which are accumulating financial resources sufficient to fulfill pension promises they have made to employees. Are you weary of the crisis du jour -- subprime mortgages and all that? Get a head start on worrying about the next debacle by reading Roger Lowenstein's new book, "While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis."

I've discussed this very topic in the past, because I think it is one of the most under-mentioned and potentially dangerous aspects of the economy moving forward.

Past posts...

Vallejo Woes...spreading
State pensions...tick...tock...tick