Deep Freeze for Salaries
"As I continue to monitor developments in the public pension world, a new theme is beginning to emerge.
The only way to balance the books for some, perhaps many, state and local government pension plans will be to freeze public-employee salaries for most of this decade.
Despite valiant efforts by labor groups to raise or restore employee contributions to help bail out pension plans, the math just won't work.
Employers are facing daunting increases in pension costs and must soon begin to pay for retiree medical benefits as well."
If strong leaders don't fix this disaster, it will be the union workers and pensioners who suffer along with the taxpayers (and non-taxpayers).
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