You have to subscribe to Fortune to get the full piece, but even this intro gives a good idea of the mess politicians have made of public-sector pensions.
It is a classic public choice issue where a small number of people have great interest and influence on an issue that makes most folks’ eyes glaze-over. But if and when states and localities are forced to raise taxes in order to fund the pensions I bet they’ll take notice.
The full piece has a state-by-state breakdown of pension exposure, with N.C. looking to be in good shape. That, of course, is to be expected in a state where public-sector unions do not drive spending decisions.
But wait! Some state, some where is paying someone more for something? That puts North Carolina at a competitive disadvantage! Get Raleigh on the phone, we’ll fix that.
Well worth a look.
