SCRANTON TIMES-LEADER Editorial: It has become an article of faith among unionized state employees, teachers and lawmakers, who profit from state and school district mismanagement of pensions, that their benefits may never be reduced.
But this week Gov. Tom Corbett became the first major public official to state, publicly, the actual situation. That is, the state cannot reduce pension benefits already earned, but there is no reason that rates cannot be adjusted going forward.
The state government faces a $41 billion pension debt that is starting to consume the state budget. This year it will cost state taxpayers $1.6 billion. Then it gradually will climb to more than $4 billion a year and stay there for two decades… (more)
