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Rolling Back Excessive Public Pensions (Townhall.com) July 25, 2011

Posted by daviddavenport in Radio Commentaries.

Cities and states that were already under water financially are beginning to 

Courtesy of Townhall.com

 drown in public pension obligations. Estimates range as high as $3 trillion in unfunded debt, with some cities paying as much as 70-80 percent of their budgets to pensions. 

Governors and legislators traded political support from public employee unions for overly generous pensions, and now those fringe benefits have become entitlements. 

Economically the tide has turned and in some states—such asWisconsin,Indiana,OhioandNew Jersey—the political tide has turned as well.

Finally, two recent court decisions inColoradoandMinnesotasay that it is legal to roll back certain pension benefits, denying the union argument that these pensions are now contracts that cannot be changed. It will take political courage and help from strong judges turn this mess around.

To listen to the audio:  http://townhall.com/talkradio/dailycommentary/600150

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