The simple fact of the matter is that if you don't have the ability to make future promises, you can't get into this type of trouble. Defined benefit anything should be banned by Constitutional amendment. There can be no liabilities imposed on future Congresses - if a Congress wishes to do something they need to fund it. Period. The inability to do 'Keynsian' countercyclical fiscal policy will be a small price to pay to protect us from the intergalactic scale profligacy that our so called 'leaders' have imposed on us.
WHY THEY’D RATHER TALK ABOUT SARAH PALIN (CONT’D): States warned of $2,500bn pensions shortfall. “US public pensions face a shortfall of $2,500bn that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund.”
We have been looted and we need strong barriers to its repetition. Hat tip
instapundit
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