Too Generous Pensions to Cause Troubles Ahead

Long-time mayor the late Clyde Fant used to lecture the state legislature for approving benefits for local employees while refusing to provide money to cover them.  Many cities are finding themselves in untenable financial binds, unable to pay pension benefits they have promised.  In many cases labor unions lobbied for and got pension plans that included early retirement and generous pensions.  Some cities are calling on their states to cover the shortfall but they are finding the states have over committed to pay pensions to their workers.  Who is left?    Not the federal government. Only the burdened taxpayer, who must work much longer and for a smaller pension.  Look for some real battles between unions and governments in 2011.