TeacherKen, aka our friend Kenneth Bernstein, who often comments here, reflects here on “the great pension scare.”
Ken reflects on a blog post by Paul Krugman, the Nobel-winning economist and regular writer for The New York Times. Krugman says the scare is vastly exaggerated.
The topic is particularly timely because pensions are under attack in several states and in Detroit, following the declaration of bankruptcy by Governor Snyder.
There is something unseemly about the sight of bankers and others, paid more in a year than most teachers earn in ten years, determined to cut the pensions of public servants who collect–in many states–barely $40,000 a year for a lifetime of dedicated, ill-paid service. They seem to be hankering to return us to a century ago, when teachers lived lives of genteel poverty and worked until they died.