One reason why most state budgets are out of control is attributed to union-contracted, public employees pensions.
Unfortunately, the unions continue to feel optimistic about the ability of their pensions to accommodate their coming obligations by earning more on their investments than in the recent past, and as most experts envision.
Unions find it easy to be optimistic about the future return on investments, far much higher than what market observers consider possible in the light of our budget deficits and their effects on investment markets. And prospective future inflation.
Government union pension bigwigs entertain lots of false optimism. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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