Bailing Out The Wrong Boat
3/31/20
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from TPPF,
3/31/20:
What to Know: Two financial experts warn that bailout funds meant to help those affected by COVID-19 could be diverted to bail out long-troubled government employee pension funds.
The TPPF Take: Many pension systems are in trouble, and bailout funds must not be used as life-support for failing systems. Instead, we need reform.
“It’s already likely that taxpayers will be on the hook for trillions of dollars of promises to government unions,” says TPPF’s Chuck DeVore. “It’s time to move government workers from defined benefits systems to what the rest of us have—defined contribution systems.”
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