State and local politicians across the country have backed a variety of (usually disappointing) measures supposedly designed to fix the problems of their public pension funds. Rick Dreyfuss does us all the favor of separating "pseudo reform" from the real thing in his new report for the Manhattan Institute.
"Fixing the Public Sector Pension Problem: The (True) Path to Real Reform" is an invaluable guide for anyone trying to disentangle the truth from the hype about "pension reform" -- a phrase which, experience suggests, should always appear within quotes.
This table from the report sums up downside of ideas that will sound all too familiar to veterans of the pension wars:
After explaining the shortcomings of common (alleged) pension fixes, Dreyfuss explains what real reform looks like:
The entire report is well worth the read -- a keeper for the pension-obsessed, in and out of government.