Pension Crisis = Pension Catastrophe
EXTREMELY generous wage, pension and benefit plans for unionized public employees have milked the cow for so long that the cow has no more to give. Unions think the solution is to keep raising property taxes to paper over growing shortfalls, but property owners and businesses are beginning to vote with their feet by moving out of high tax states like Illinois, New Jersey, etc. Public employee union threats and extortion have reached their limit and change is in the air. Lots of sheep will be sheared before it’s over.
“Of all the troubling economic issues in the United States today, the current crisis erupting from mismanaged public pension programs stands out as a uniquely menacing threat to Americans’ financial security. Five major cities have filed bankruptcy over pension woes since 2008, and dozens more are teetering on the brink.” Read more…
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