Wednesday, October 13, 2010

How Public Employee Unions Can Halt the Pension Crisis

Brad Spangler at C4SS addresses the coming collapse of state-funded pensions.

Amplify’d from

If public employee unions genuinely want to represent the interests of their members, they ought to be sounding the alarm to man the lifeboats and prepare to abandon the ship of state.

Government, at all levels, is bankrupting itself and taking the rest of the country (nay, world) with it. An equity for debt swap is relatively common in bankruptcy cases. In this case, unions can serve as advocates and midwives for a new model of worker-owned privatization that gives rank and file public employees shares of common stock in formerly public enterprises as compensation for the default on pensions that’s inevitably coming, whether they want it to or not.