Bill King on muni pensions, part two
In today's Chronicle, Bill King continues his discussion of public pension woes. This week, he offers this observation:
[A]lmost every government has some mechanism that is intended to limit politicians' power to incur public debt. Texas has historically been particularly strenuous in this regard. For most general obligation indebtedness (debt that is backed by property taxes) voter approval is required. However, over the last couple of decades politicians have pioneered a new way to borrow billions of dollars with almost no public scrutiny by chronically underfunding defined-benefit pension plans.
King continues with more detail, then proposes several reforms to address the problem. It's well worth a read.
PREVIOUSLY: Taxpayers facing huge bill for Houston pension debt.
Posted by Kevin Whited @ 01/13/11 10:02 PM | Print |
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