“It is easy to blame unions or Wall Street for states’ pension problems. But policy makers are the ones who made promises they couldn’t afford, didn’t pay for, and now can’t keep. Recent investment losses have hurt pension plans, but the decline in pension funding started before then — largely because some policy makers shortchanged their retirement systems for years and relied heavily on investment gains that never materialized. Now, these same states can’t count on investing their way out of this funding crisis.”
http://www.huffingtonpost.com/kil-huh/public-employee-pensions_b_1707659.html?view=screen
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