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Borrowing from Peter to Pay Paul

Stephanie A. Miner, the Mayor of Syracuse NY, has an important op-ed essay in The NY Times Thursday. Syracuse is one of hundreds of cities around the state and tens of thousands around the country that are struggling with the potentially disastrous effects of out-of-control pension costs. Where this crisis is heading can be seen…Read more Borrowing from Peter to Pay Paul Posted on 15 February 2013 | 10:23 am

The War of the Generations

Here’s the headline of the day from our friends over at Via Meadia. Illinois’s Blue Robin Hoods Stealing from the Young to Give to the Old The topic is the pension crisis, specifically in Illinois, where the legislature has decided to cut spending on education by $400 million — for the third year in a…Read more The War of the Generations Posted on 18 January 2013 | 3:27 pm

The Pension Crisis Blame Game

Two articles in the Wall Street Journal and the New York Times this weekend show the grave threats to two great institutions, both of which I care deeply about. The Times has a story on the threatened cuts looming over the University of California and the State University of California system. Class sizes have increased,…Read more The Pension Crisis Blame Game Posted on 4 June 2012 | 11:19 am

Pension Crisis Primer

I have been trying to understand our pension mess for years now, and I will tell you that the numbers and acronyms are at times baffling. But help is here. Two of the nation’s Federal Reserve Banks (the Cleveland and the Atlanta Federal Reserve Banks) have joined together to form a “Financial Monitoring Team to…Read more Pension Crisis Primer Posted on 25 April 2012 | 10:07 am

New York Times Pension Crisis

My colleague Walter Russell Mead has also been covering the entitlements problem that pensions pose.  He has an excellent post on the current dispute over pensions at the NY Times. The Times staff is considering a strike to defend its defined benefit contribution plan—a plan that guarantees a certain yearly payment until death. These pension…Read more New York Times Pension Crisis Posted on 24 April 2012 | 10:59 am