State of War; Public-sector Pensions  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 399 no. 8728 (Apr. 2011), page 12-14.
Topik: Financial Health; Pensions; Governments; Public-sector; Workers; Tax

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Americans are used to debates on the financial health of their Social Security system at the national level, but many will have been caught unawares by a pensions crisis in their state and municipal governments. Already one small city--Prichard, Alabama--is unable to pay its pensioners. The crisis has exposed the potential conflict between public-sector workers who still enjoy DB pensions and private-sector workers who get less generous DC pensions--and at the same time have to fund the benefits being paid in the public sector through their taxes. Years of underfunding mean that more contributions to public-sector plans are needed, and soon. But since most states have balanced-budget requirements, such contributions can come only from higher taxes or cuts in services.

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