Two strong pieces on the Washington Post’s misrepresentation of public pension problems, one from Kthug:
OK, this is quite amazing: Dean Baker catches the WaPo editorial page claiming that we have $3.8 trillion in unfunded state and local pension liabilities. Say it in your best Dr. Evil voice: THREE POINT EIGHT TRILLION DOLLARS. Except the study the WaPo cites very carefully says that it’s $3.8 trillion in total liabilities, not unfunded; unfunded liabilities are only $1 trillion.
Another from Jeff Wattrick of Deadline Detroit:
Just one sentence ahead of the above passage, (WaPo’s Charles) Lane misstates the size of Detroit’s unpayable debt.
Just read emergency manager Kevyn Orr’s134-page report on Detroit, which has $20 billion in unpayable debt.
While Detroit total long-term debt load may be around $20 billion, a good portion of that debt will be paid in full. According to Orr’s report, the city has $11.449 billion in unsecured debt it can’t repay and must restructure.
The war against public pensions reminds me of the Iraq War. Even if one accepts that there is/was a big pre-existing problem in either case, the constant stream of lies is troubling.