How’s that suspension of disbelief regarding the inevitable collapse of socialism working out for you?
Are you weary of worrying about the crisis du jour — subprime mortgages and all that? Get a head start on worrying about the next debacle by reading Roger Lowenstein’s new book, “While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis.”
…Credit Suisse estimates that state and local governments have a cumulative $1.5 trillion shortfall in commitments for retiree health care.”
“Pension Time Bomb” via the Washington Post. The photo shows downtown Vallejo, a city who’s council voted to declare bankruptcy earlier this year.
