Bye Bye Pension Funds, Hello Bailouts – We’re Going Down!

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“When New York State officials agreed to allow local governments to use an unusual borrowing plan to put off a portion of their pension obligations, fiscal watchdogs scoffed at the arrangement, calling it irresponsible and unwise. And now, their fears are being realized: cities throughout the state, wealthy towns such as Southampton and East Hampton, counties like Nassau and Suffolk, and other public employers like the Westchester Medical Center and the New York Public Library are all managing their rising pension bills by borrowing from the very same $140 billion pension fund to which they owe money.” (New York Times)

Wow, just like California, They’re accounting gimmick geniuses. Isn’t there a law against this foolhardiness?

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