Long Sorry Tale of Pension Promises

The Long, Sorry Tale of Pension Promises - WSJ.com: "Much has been written about the poor investing performance of public pension plans. But for all the ill-conceived speculation of Calpers (the giant California fund) and others, the real problem is that politicians across the country have failed to fund. For them, the choice between raising taxes and keeping the pension fund solvent is no choice at all."

No, the real problem is why they failed to fund -- because they didn't have the money -- their words and promises were grandiose gestures to win political contributions in the rats' nests and endless loops between public unions and politicians (generally Democrats -- e.g., California and Illinois where the problem is worst). We desperately need a national right to work law and collective bargaining should be outlawed for all public employees (FDR always said collective bargaining was not for public employees--it just leads to the corruption and insolvency we are now experiencing).

The public trough is empty.

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