Wednesday, June 22, 2005

More Pension Doom

Via Eschaton:

S&L redux

"This is all looking dark, if not necessarily as bad as the S&L meltdown, which cost taxpayers $128 billion. It is especially bleak because it is forcing societies to establish difficult priorities. These “legacy costs” are, in a sense, the debt that the new economy owes the old one. But no one wants to pay it. "

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