As Lawrence McQuillan notes in California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis, outlandish pensions for government employees have put state budgets in crisis and threaten the services taxpayers receive. In California, government employees could retire at age 55 with two percent of their salary for each year of state employment….
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Earlier this week, we mentioned that if a fiscally strapped local government cannot tax or cut its way out of its debt burden, and won’t take action to directly reduce its most costly liabilities, then bankruptcy is a viable third option to preserve the interests of those who reside within the government’s jurisdiction. But…
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