The coming public employee pension bubble

The housing bubble was the major economic story in the last decade. The public employee pension bubble, or to phrase it more accurately, the possible collapse of the union-driven government employee pension system, could be the story of this decade--or the next.

As Doug Ross reports, the money won't be there to fund these monstrosities.

In reporting on a bloggers' conference call with Mitt Romney, here's how what I wrote about the former Massachusetts governor's response about my question regarding public-sector unions negotiating with government officials over pensions and benefits:

"No one at the bargaining table is representing the citizens," (Romney said) and worse, that mayor is agreeing to obligations, expensive ones such as pensions and retiree health care, that are overlooked by the media because the financial outlay is down the road.

At the end of that road is a brick wall. And we're closing in on it.

Related post:

Report from the bloggers' conference call about Employee FORCED Choice binding arbitration

Technorati tags: politics economy gop Republican labor unions news organized labor government pensions Mitt Romney