While Gov. Wolf seems to think borrowing money will solve the pension crisis, the commonsense approach to getting out of our $53 billion pension hole is to “stop digging”–i.e., stop piling more people into the current, failing system.
Defined contribution plans offer an alternate solution to the current pension system that would benefit both state employees and taxpayers and are always “fully-funded” (meaning they can’t pile up public debt).
Without much-needed legislative reform, public pensions will bankrupt cities like York—which has a quarter of its budget dedicated to pension funds—and continue to dig the commonwealth into a deeper financial hole.
Listen below to hear some of Nate’s interview with WSBA’s Gary Sutton and to learn more about pension reform.
The Gary Sutton Show airs daily on WSBA 910AM in the York area.
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