Image via WikipediaThe Compensation Monster Devouring Cities is a must-read article. It outlines the financial debacle underway in America's municipalities. Rosy-eyed and/or weak-kneed politicians shovelling unreasonable, unsustainable wages and benefits at municipal workers.
The ticking time-bomb is pensions, where the political promise comes now, but the pay-out down the road. Problem is, we are now down the road and it's time to pay the over-pensioned piper.
Municipal America is on the fast track towards bankruptcy.
And Canadian cities will be too, if nothing is done to stop the weak-as-water politicians. I'm thinking of of institutions like the TTC and City of Toronto workers, and government workers in general. Getting far better wages, benefits, and pensions than tax-paying citizens, and all supported by politicians who view the tax base as an ever-increasing unlimited pool of available funds to exploit.
And this is happening at the municipal, state/provincial, and federal levels.
As someone has said, socialism works until you run out of other people's money. That's why "Freedom 55" for a government worker is "Enslavement 65" for you and me.
What is it about politicians that they throw conservative principles like prudence and thrift to the winds when they gain power? Is there something about getting elected that makes a person gravitate towards irresponsible, unsustainable leftism, or do the naturally imprudent and thriftless gravitate towards "public service"?
And is there anything we can do about it?