Pension Crisis for Affluent School Bosses
The Pension Crisis is not really a crisis at all in most states. It is true that if every state employee were to simultaneously retire, there would not be enough money to cover their guaranteed pensions. But this will not and cannot happen since employees aren’t even eligible to receive benefits until they’ve worked a minimum number of years. It is also true that most pension systems have lost considerable value as a result of the financial meltdown, but this was caused by Wall Street speculators, not greedy unions. This, too, should not be seen as a crisis, since the values are expected to gradually recover over time.
Fearful that the current losses in state pension plans might be replaced through increased