Some mortgages require the recipient to escrow receipts to pay property taxes, so that the recipient can't go into arrears. I wonder why there isn't a similar such law for the pensions of public employees. This is an example where the system, unwilling to make tough choices (by pretending the pension obligations are there, though unfunded, and nonetheless paying competitive wages) has created a huge mess. Even if there were a way out of this very deep hole, would we find our way back in soon thereafter?
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