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> The pensions of state workers are often funded through the mysterious maze of the state budget, so their rising cost is hard to see. But teachers’ pensions in
by seibelj 5y ago
> The pensions of state workers are often funded through the mysterious maze of the state budget, so their rising cost is hard to see. But teachers’ pensions in Pennsylvania are funded through local property taxes, so when the fund needed more money, homeowners felt the bite.
> Taxpayer contributions to the teachers’ pension fund nearly quintupled from 2001 to 2008, causing an outcry. Then came the financial crisis of 2008, and seven years’ worth of taxpayer pain came to naught. The fund emerged from the Great Recession with even less money than it had in 2001, the year of the big miscalculation.
Nothing to see here - just a “mysterious maze” of where taxpayer money flows. Who could possibly understand it?