Two Americas – courtesy of Powerline

by Marilou Long on June 2, 2010

in Fiscal Policy,Recommended Reading

This post titled “Two Americasby Powerline’s John Hinderaker is a good summary of the growing tension between the private and public sector.  The issue of public pensions is going to be key to solving the fiscal problems of many state and local governments. 

“This is the central economic conflict of our time, between lavishly compensated and ever more gluttonous government employees, and wealth-creating private citizens who are increasingly unable to support their public-sector masters in the style to which they have become accustomed.”

I visited recently with the CIO of a large state pension plan.  It is extremely underfunded, and he said that the politicians just keep pushing the problem out to the future.

The future is now.

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