This is such a glaring conflict that I have tried to find if there are any laws against it. So far, I have found nothing
North Carolina is known for a lot of things. Controversial voter ID laws. Duke basketball and Tar Heel basketball. Kitty
The assets owned by public pension funds represent the largest pool of financial assets held by the public, and the size of this pool -- more than $5 trillion -- gives the public an important and influential channel of influence on the private sector as one of its largest investors, and they are using that influence to create a more equitable and sustainable private-sector economy.
Job loyalty. It seems like a concept that is slipping quietly into the night. But perhaps the biggest contributor to job loyalty's demise is the death of the private-sector pension. It's a lesson that should give policymakers pause in the heated debate over public pension benefits.
Orr gets it. He went after pension debt, the city's biggest foe, and is now winning that fight. Simply put, his continued focus on pension reform is the solution that Detroit needs. With that said, Detroit still faces a long, up-hill climb.
Many state and local governments are struggling to meet their obligations to retirees, and the easiest explanation is that workers are overpaid and their pensions are unaffordable. But the evidence suggests that the pensions crisis is both less pervasive and more complex than that.
What percentage of GDP is spent on pensions? At what age are people exiting the labor market? What is the poverty rate for those over 65?
The debate over public pensions shows clearly the contempt that the elites have for ordinary workers. While elites routinely preach the sanctity of contract when it works to benefit the rich and powerful, they are happy to treat the contracts that provide workers with pensions as worthless scraps of paper.
Talk of Detroit is all the rage these days, and not because their American League baseball team is far superior to ours. It's the talk because it's the largest U.S. city to have declared bankruptcy and the rest of the nation should be watching to see how that all turns out.
But drawn-out, costly litigation could also deter other cash-strapped cities from filing, said Moody's Managing Director