Thursday, May 8, 2008
Tom Fudge : If you live in San Diego, and you follow the news, nobody needs to tell you the city has a problem with its pension fund. But what caused it? On one level, it's a simple question with a simple solution. The city underfunded it and offered benefits that were too generous. But simple explanations like that don't necessarily lead to simple solutions. San Diego's pension problem becomes much more ominous when you consider the extent of the problem it represents. A lot of public agencies and private firms have courted financial insolvency by failing to financially manage their pensions. In this end, it says some very profound and troubling things about politics, and the changing demographics of America.
You can hear Roger Lowenstein talk about the economy and the nation's pension problems this evening at the UCSD Revelle Forum at the Neurosciences Institute at 7:00 p.m .