Pension Obligation Bonds: Worst Idea Ever

Rick Dreyfuss has a new article for the Mackinac Center in Michigan, where lawmakers are floating the idea of Pension Obligation Bonds to help fill their pension gap.  Of course, some in Pennsylvania have floated this idea, including Treasury Secretary Rob McCord.

Dreyfuss notes how Pension Obligation Bonds only exacerbated the pension problem in Philadelphia, and how they have been called “the dumbest idea ever” by former NJ governor Jon Corzine.