Whatever pension-cost surprises are in store for shareholders down the road, these jolts will be surpassed many times over by those experienced by taxpayers. Public pension promises are huge and, in many cases, funding is woefully inadequate. Because the fuse on this time bomb is long, politicians flinch from inflicting tax pain, given that problems will only become apparent long after these officials have departed. Promises involving very early retirement – sometimes to those in their low 40s – and generous cost-of-living adjustments are easy for these officials to make. In a world where people are living longer and inflation is certain, those promises will be anything but easy to keep.
Sunday, March 2, 2008
Never meant to last...
This paragraph from page 20 of Warren Buffett's annual letter to shareholders is an indictment of the way our government is run:
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1 comments:
Hear just the other day,
1) Social Security,
2) War in Iran,
3) Medicare, were the top 3 Federal budget expense items.
What politician will be brave enough to address in real time, in real numbers, the reality of controlling number 1 and 3.
We need a more informed public. We are all shareholders in this country. Could you see a President including a letter like Buffett's, in the President's annual adddress.
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