George Will joins the crew riding the "pension tsunami wave."
The nation's menu of crises caused by governmental malpractice may soon include states coming to Congress as mendicants, seeking relief from the consequences of their choices. Congress should forestall this by passing a bill with a bland title but explosive potential.
Private pensions have strict rules to make sure there's enough money for future benefits. Public pensions? Not so much.
Less candor, realism and pre-funding are required of state and municipal governments regarding their pension plans. (California Republican Rep. Devin) Nunes's bill would require them to disclose the size of their pension liabilities - and the often-dreamy assumptions behind the calculations. Noncompliant governments would be ineligible for issuing bonds exempt from federal taxation. Furthermore, the bill would stipulate that state and local governments are entirely responsible for their pension obligations and the federal government will provide no bailouts.
No bailouts. I like the sound of that.
Because bailouts aren't governments helping their employees. It's government forcing some citizens to make the futures of other citizens easier.