A bill being considered by the state House to ease the pain of Pennsylvania taxpayers about to take an unforeseen hit to fund the pension plans of public employees is just going to postpone the pain until those who vote for it are themselves collecting pensions and probably residing in another state.
HB 2497 would limit taxpayer contributions in the near term only to jack them up in later years , according to the always excellent Commonwealth Foundation. This plan would ultimately put Pennsylvanians on the hook for another $52 billion over 30 years according to CF.
If you don’t believe that HB 2497 is real bad news note the Pennsylvania State Education Association is not opposing it.
Anybody else think it is a real bad idea to let people write their own own pension plans and oblige others to fund it?
Ironically, Karl Marx has the perfect solution to resolving the pension crisis.