Wednesday, June 30, 2010
Excellent Video on Public Sector Pension Debt Avalanche
Cities are forced to reduce the size of their police and fire departments in order to pay the princely pensions of healthy 50 somethings in the prime of their lives. Swimming pools for kids are being closed down, and vital services are being curtailed so that clerks, bureaucrats, and mid level managers can live like millionaires for a longer period of time than they ever worked.
It is not sustainable, folks. It is a slightly subtler form of piracy than the warlords and warrior kings utilised, but piracy all the same. The longer it takes to bring back to sanity, the more bitter the ending will be.