Rein in reckless public pensions: Our view
One lesson is that public disgust with government — and particularly government spending — includes anger over the unaffordable sweetheart deals that states and localities signed with public employee labor unions, a core Democratic constituency.
..Fueling taxpayers' anger is that they are financing benefits no longer available to most private-sector workers.
Some state and local government workers can retire in their 50s, after 33 years of service, and continue drawing the same income.
Estimates for the total shortfall of public pensions start at about $700 billion.
In 2011, the Congressional Budget Office said that $2 trillion to $3 trillion was more accurate. Even a long bull market won't make the problem go away.
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