Reality can only be ignored for so long. It seems that the true story of public pension crises across the nation is finally hitting home.
From the AP:
Voters in two major California cities overwhelmingly approved cuts to retirement benefits for city workers in what supporters said was a mandate that may lead to similar ballot initiatives in other states and cities that are struggling with mounting pension obligations.
Supporters had a simple message to voters in San Diego and San Jose: Pensions for city workers are unaffordable and more generous than many private companies offer, forcing libraries to slash hours and potholes to go unfilled.
That is California. Any chance this movement toward pension reform will head east and spend some time in Kentucky?
In just a few days on June 11, The Bluegrass Institute will be releasing a report detailing how legislators have voted to increase their own pensions over the past 50 years. Municipalities all over the nation are coming face-to-face with the fact that the current defined benefit public pension system is simply unsustainable. Kentucky is no exception to this.
From the upcoming report:
…the main message of this story resides in the subsurface – the attitude of the General Assembly…demonstrated by flat-out greed and disrespect for the public treasury, which now has put the standard of living of all Kentuckians in jeopardy.
The standard of living for an entire state should never be jeopardized by the wasteful spending of a select few.