Even More From The Times On Pensions

In Sunday's paper. Referring to Illinois, which should hit the wall earlier than average, “We’re within a few years of having some of the pension funds run out of money…Funding for the schools is going to be cut radically. Funding for Medicaid. As these things all mount up, there’s going to be a lot of outrage…paying public pensions straight out of general revenue would be ruinous. In Illinois’s case, it would consume about half the state’s cash every year, bringing other vital state services to a standstill.” Of course it isn't just the pensions. It's the federal, state and local debts. It's the infratructure that hasn't been maintained. It's the lower pay and benefits younger generations receive, in both the public and private sectors, and will continue to receive when they get older — and face possible deprivation to pay for the prior generations than spent decades in leisure on borrowed money.

The benefit of foresight is that I'm already started moving beyond outrage to resignation.

OK, so I’m still outraged. But only because they continue to add to the damage. What is most infuriating is to hear some Generation Greed politicians claim they need to impose this or that sacrifice “for future generations,” while exempting their own generation from any sacrifice. Higher taxes — on wages, but not retirement income. Lower Social Security and Medicare benefits — but only for those not yet age 55. Diminished pension tiers, but only for new hires, even as those age 55 receive yet another enhancement for earlier retirement. Etc. etc. This kind of rationalization adds insult to injury.

While outraged, I won’t be shocked by what is coming. Nor will I be surprised by the attempt to rationalize the causes by finding someone else to blame. This is the economic and political situation we have been set up for and in the face of it, given the values of those in charge, it is hard to believe we aren’t facing some sort of institutional collapse.

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