During his budget address, Gov. Wolf stated, “It’s not good enough to just say no and continue with the same old same old.” Why, then, does he continue to sidestep Pennsylvania’s pension crisis?
One explanation is that government unions, some of Gov. Wolf’s biggest financial supporters, benefit from “the same old same old” system and want the governor to continue blocking real reform.
Matt explains that defined benefit plans—like public school pensions—create an unmanageable burden for taxpayers and leave public employees at the mercy of politicians to properly fund their retirement. In contrast, a 401K-style retirement plan is affordable for taxpayers and portable, dependable, and protected from political manipulation for public workers.
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