Pension and Entitlement Obligations: Will The Left Notice?

There are interesting rumblings in today’s Philadelphia Inquirer.  You might almost think the left was getting ready to admit there’s a problem….naaah.  That’s not going to happen.

States were $1.38 trillion short of having enough to pay their public-employee retirement bills in 2010, the last year for which totals are available for all 50 states, according to the Pew Center on the States. That was up 9 percent over the previous year….

The problem’s roots go deep. For years, experts say, many states increased benefits to buy labor peace and skipped making required contributions to pension funds when times got tight, hoping that the performance of those funds’ investments would make up the difference….

The need to find a way to fund the growing cost of all those pensions is real, pollster Terry Madonna of Franklin and Marshall College warned - “the state is sitting on this volcano.”

And yet, he said, the volcano goes unnoticed by the villagers. Pension reform has not emerged as an explosive issue that moves voters…

Unnoticed?  Not so much.  And the problem is much worse when you look at the bigger picture, which includes Medicare, Medicaid, Social Security, etc.  Conservatives, particularly libertarians, have been talking about this for years.  In fact, the first paragraph could have come verbatim from the Tea Party.  The left has certainly tried not to notice.  To the minimal degree they have even engaged the issue, it has been to deny there is a problem, and accuse conservatives of being racists who are out to get the poor and middle class and trying create an “on your own” society.

What will happen is predictable.  The left will fight reforms, kicking and screaming.  The GOP will buckle completely or, at most, tinker with the funding or cost-of-living formulas and the problem will continue to compound.  Eventually, when the bill comes due, there’s no money left, and there is no choice but real (deep) cuts, the pensions and social programs the left created to “help” the poor and middle class will be drastically pared back.

And the poor and the middle class who were naive enough to depend on the left’s “help” will be screwed.

Of course.  That is the inevitable result of depending on the left.

2 Responses

  1. The need to find a way to fund the growing cost of all those pensions is real…/blockquote>

    Now read this:
    http://www.zerohedge.com/news/2013-02-02/government-generously-offers-help-you-manage%E2%80%9D-your-retirement-account

    And now we find where they are going to (try to) get the money. In the name of fairness. Or something.

  2. Just what we need. More “help” from the left. Bend over, rubes and suckers.

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