Skip to main content.
Bard HAC
Bard HAC
  • About sub-menuAbout
    Hannah Arendt

    “There are no dangerous thoughts; thinking itself is dangerous.”

    Join HAC
    • About the HAC
      • About Hannah Arendt
      • Book Roger
      • Our Team
      • Our Location
  • Programs sub-menuPrograms
    Hannah Arendt
    • Our Programs
    • Courage to Be
    • Democracy Innovation Hub
    • Virtual Reading Group
    • Dialogue Groups
    • HA Personal Library
    • Affiliated Programs
    • Hannah Arendt Humanities Network
    • Meanings of October 27th
    • Lapham's Quarterly
  • Academics sub-menuAcademics
    Hannah Arendt

    “Storytelling reveals meaning without committing the error of defining it.”

    • Academics at HAC
    • Undergraduate Courses
  • Fellowships sub-menuFellowships
    HAC Fellows

    “Action without a name, a 'who' attached to it, is meaningless.”

    • Fellowships
    • Senior Fellows
    • Associate Fellows
    • Student Fellowships
  • Conferences sub-menuConferences
    JOY: Loving the World in Dark Times Conference poster

    Fall Conference 2025
    “JOY: Loving the World in Dark Times”

    October 16 – 17

    Read More Here
    • Conferences
    • Past Conferences
    • Registration
    • Our Location
    • De Gruyter-Arendt Center Lecture in Political Thinking
  • Publications sub-menuPublications
    Hannah Arendt
    Subscribe to Amor Mundi

    “I've begun so late, really only in recent years, to truly love the world ... Out of gratitude, I want to call my book on political theories Amor Mundi.”

    • Publications
    • Amor Mundi
    • Quote of the Week
    • HA Yearbook
    • Podcast: Reading Hannah Arendt
    • Further Reading
    • Video Gallery
    • From Our Members
  • Events sub-menuEvents
    Hannah Arendt

    “It is, in fact, far easier to act under conditions of tyranny than it is to think.”

    —Hannah Arendt
    • HAC Events
    • Upcoming
    • Archive
    • JOY: Loving the World in Dark Times Conference
    • Bill Mullen Recitation Prize
  • Join sub-menu Join HAC
    Hannah Arendt

    “Political questions are far too serious to be left to the politicians.”

    • Join HAC
    • Become a Member
    • Subscribe
    • Join HAC
               
  • Search

Amor Mundi

Amor Mundi Home

Saving Pensions: "Technocrats, Not Grandstanding Idealists"

04-05-2012

Public pensions are a mess. Ok, where is the hope? Yesterday Gillian Tett offered a rare glimmer of good news in a story about Rhode Island treasurer Gina Raimondo. But the good news comes with a bitter aftertaste.

Rhode Island is a small state, but it had one of the worst public pension deficits in the country. Forced to act, it has cut pensions for its workers, raised the retirement age from 62 to 67, and replaced the defined benefits pension (which guarantees a certain amount every year) with a partial defined contribution scheme (which pays out a pension based on how much the retiree has saved). These actions have angered many workers and unions, who are suing the state, but they have also saved the state pension system; one result is that the workers will be receiving some pension, even if it is less than they were promised.

The solution, as Raimondo articulates it, is above all to focus ruthlessly “on the math and facts, to come up with a solution.” Technocrats, not grandstanding idealists, are required.

The preference for technocrats over idealists illustrates a common approach to our extraordinary economic problems around the country: to hand over difficult political judgments to technicians. The same approach is leading the people to hand over the levels of government to technocrats in Greece, Italy, Suffolk County, and now Detroit. Dissatisfied with democratically elected leaders, the people are increasingly craving a government run by businessmen and accountants. It seems that the ruthless calculation of profit and loss is the last refuge of truth in our age.

Read more about what is going on in Detroit here. Read more about the pension crisis here and here.

Footer Contact
Contact HAC
Bard College
PO Box 5000
Annandale-on-Hudson, NY 12504
845-758-7878
[email protected]
Join the HAC
Become a Member
Subscribe to Amor Mundi
Join the Virtual Reading Group
Follow Us
Image for Twitter
Image for Facebook
Image for YouTube
Image for Instagram