OPINION: The coming pension meltdown

Excessive pension benefits negotiated by public employee unions have resulted in many California municipal retirees receiving half million dollar a year pensions while plunging California’s public retirement system as much as $750 million into debt, writes Heritage Foundation chief economist Stephen Moore in the Washington Times.  Scranton, Pennsylvania may serve as a warning of the negative consequences of excessive pension benefits, with the city now on the brink of bankruptcy, skyrocketing taxes and cuts in services.

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