Just the Beginning

$3 trillion, $14 trillion and $107 trillion. If you think events in Wisconsin are interesting, wait until Americans understand the full meaning of these unfunded public liabilities.

$3 trillion in unfunded state employee pensions, a $14 trillion national debt, and a $107 trillion shortfall in Social Security. I’m surprised more elected officials don’t skip town. Some officials seem to think it better to deny the issue altogether, and why not? It worked so well in Prichard, Alabama.

By the way, one of the reasons the UK is in better financial shape than many other countries in Europe is because Margaret Thatcher reformed the public pension system in the 1980s. Pity both parties in America have seen fit to punt on this issue every chance they’ve gotten. Their time is running out – Wisconsin is just the beginning.

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