Tuesday, February 22, 2011
Even liberal media sources recognize that older public pension arrangements and retiree health insurance has become unsustainable
The Washington Post has some balanced coverage Tuesday, Feb. 22, on the “collective bargaining crisis” for public employees (Wisconsin and elsewhere), which amounts largely to a crisis in the unsustainability of defined benefits at high levels for public employee retirees, especially police, fire and teachers.
The editorial (p A12) is here.
The Post points out that public employees have often retired at 50-55 and had fully paid health care until Medicare kicks in, encouraging overconsumption of medical services, bumping up prices for everyone. The taxpayer picks up the tab for 100% of public employee retiree health insurance in 14 states.
Richard Cohen has a similar piece on p A13, “Played for pension fools.” He points out “featherbedding” and notes the retirement of many employees in New York and California at age 50 at 90% of pay.