My adopted home of Charleston might have been ranked the «Best City in the World,» but the state of South Carolina is earning a less distinguished label as a harbinger of the country's
worst pension crises.
As explained by the Friedman Foundation's Martin Lueken, «First, the states Weingarten cites are experiencing
the worst pension crises, Pennsylvania, Michigan, and Illinois, do not even have strongly funded private school choice programs.
First, the states Weingarten cites are experiencing
the worst pension crises, Pennsylvania, Michigan, and Illinois, do not even have strongly funded private school choice programs.
Democrats in power means we look like Illinois (which is suffering from
the worst pension crisis in the nation).
New Jersey is groaning under one of the nation's
worst pension crisis, with growing costs threatening to squeeze out other spending and boost taxes.
Not exact matches
If we add on
pensions or Social Security, is the «retirement
crisis» really so
bad?
And this situation is becoming
worse as
pensions are rapidly becoming a thing of the past, life expectancies along with accompanying health care costs are increasing, and even social security is facing a
crisis point.
Pension costs are in fact a
crisis for many local governments and will only get
worse if we ignore them.»
Is it wise as part of addressing the
pension funding
crisis to take the existing inadequate assets and use them to rescue the Government's current deficit, making the problem
worse in the longer term?
Now, realize that though I talk about the US, most of the rest of the developed world is in
worse shape as the demographic
crisis affects
pensions and elderly healthcare globally — they had even fewer kids than in the US, which is close to replacement rate, and so the ratio of workers to those supported will fall even more than in the US, setting up many nasty political fights — all the more nasty, because the governments are much more heavily involved already.