2 ms·

I wouldn't consider pensions generous, and I also wouldn't blame pensions for bankrupting states. The states are in trouble because they're shit at spending ta

I wouldn't consider pensions generous, and I also wouldn't blame pensions for bankrupting states. The states are in trouble because they're shit at spending tax dollars. They burn money on shit that doesn't make money. Sprawling roads, suburbs, malls. On a local level these developments don't earn the state more money back via commerce, they actually drain money just to maintain. Next to that, many states went all-in on the industries that were vibrant in their states. Of course they never accounted for the greed of corporations. Those corps left, and behind them death and decay. Entire cities, billions and billions of dollars in infrastructure, left to rot. Now a liability, but moreover, a lost tax revenue source.

WalterBright 2y ago
When the pensions are the largest item in the budget, they are the cause of the bankrupting.
- consteval 2y ago
  I disagree because it's not this simple. Those employees produce VALUE. That money isn't being burnt. You can't do simple math like this when it comes to human beings. IF those employees stick around AND the industries in the state continue then the state earns more money from said industries. How much money do you think Detroit, once the most profitable city in the US, brought in? Now, Detroit has been sucked dry and left to rot and the state is on the hook for those pensions. But did the pensions cause this? In my opinion, no. I think people like to blame the pensions because it's easy and simple, and also because many inherently have a bias towards defending the private sector.