Across the country, government workers' pensions are protected by guarantees even stouter than those on pensions in the private sector. The legal promises, often backed up by union contracts, cover more than 15 million people. . . . But now a number of state and local governments are quietly challenging those guarantees. (New York Times, Monday)
What's a government promise worth?
FEE Timely Classic
Britain's Pension Problem: Government Failure (pdf) by Philip Booth