It's no secret that many state and local governments have overpromised their workers when it comes to benefits. According to a new government study, it's estimated that unfunded pension plans alone may exceed $4 trillion.
Many states and localties are trying to work their way out of the hole, but it's tough. Better benefits for government workers (teachers, police officers, firefighters) are often included in campaign promises and dialing them back can be politically dangerous. Espeically when the beneficiaries are leaving the warmth of their beds at night to douse fires and put bad guys behind bars.
Utah Sen. Orrin Hatch, the ranking Republican on the Senate Finance Committee, has released a report that's subtitled, "The Pension Debt Crisis that Threatens America." It concludes, in part, that a "federal bailout of the states must be avoided at all costs."
Sen. Hatch's full report can be read here.... a little light reading before bed. Sweet dreams!