Senior Fellow Lawrence McQuillan, author of California Dreaming, appears on WSVA in Virginia to talk about the public employee pension crisis facing municipalities across the US. When public pensions are underfunded, there is not enough money to pay promised benefits to retirees. Recent bankruptcy courts have ruled that these pension benefits can be cut in the event of a bankruptcy of a city, county or state. McQuillan has a plan that if enacted, could resolve the crisis within decades, while fulfilling promises made to public workers.
Senior Fellow Lawrence McQuillan, author of California Dreaming, appears on KLIF radio in Dallas to discuss public pension crisis in America. In cities, counties and states across America, the pension funds for public employees are underfunded. Money that should be in the bank to pay promised retirement benefits isnt there and the taxpayers are losing because of it. Vital services for cities are being cut to pay retirement benefits that were promised by politicians. In California, the politicians who made those promises to increase pension benefits, are no longer in office. McQuillan outlines what must be done to prevent more public bankruptcies.
Senior Fellow Lawrence McQuillan, author of California Dreaming, appears on KCNR radios We the People show in Redding, CA to discuss the underfunded public pension crisis in the United States. McQuillan talks about not only Californias pension crisis, but other cities and states across the nation. Despite the politicians who make promises based on unrealistic projections, McQuillan has a plan to reform pension systems that polls show, voters approve of. The plan avoids bankruptcy for cities and states and keeps promises made to retirees.
Senior Fellow Lawrence McQuillan, author of California Dreaming,appears on WNWS radio in Jackson, Tennessee to discuss the financial crisis growing in a number of cities and states across America: their underfunded public pension systems. The problem threatens cities and states with bankruptcy because the money that should be in the pension funds isnt available and retirees have been promised benefits. Bankruptcy judges have already ruled that pensions for public employees can be cut to pennies on the dollar. How to we reform the system? McQuillan has a plan to move to 401k-style pensions that will keep the funds solvent and continue to pay benefits promised to retirees. Nationally, state and local governments are in the red, or in deficit $4.7 trillion, which is money that should be in the bank, ready to pay pension benefits.
Senior Fellow Lawrence McQuillan, author of California Dreaming, appears on WEBY radio in Florida. McQuillan discusses the implications of leaving future generations saddled with debt owed to public employee pension systems. His simple idea is to switch now to a defined contribution plan, similar to a 401-k, rather than a defined benefit plan, such as a pension plan. Private companies long ago did away with defined benefit plans. Across the United States, cities, states and counties have pension plans for public employees that are underfunded. Recent bankruptcies have shown that if the trend continues, judges will cut the payments to retirees in bankruptcy rulings.
Senior Fellow Lawrence McQuillan, author of California Dreaming, appears on the Pete Kaliner show on WWNC radio to explain how California and other states and cities have gotten into the situation with massive public pension deficits. Promises were made to public employees, but the pension funds are less than what was promised to retirees. McQuillan has a plan to switch these pension plans to a defined contribution plan, similar to a 401-k, which could not be underfunded. If private sector companies did this to their pension funds, they would be in prison. McQuillan explains how pension funds around the US have gotten to this crisis point.
Senior Fellow Lawrence McQuillan, author of California Dreaming, appears on KCAA radio and talks about the $4.7 trillion unfunded pension debt crisis in the US. Some states are worse off than others but California has the largest pension debt at $750 billion. That money should be in the bank to pay pension benefits, but it is not. Over decades, politicians have promised pension benefits and counted on big returns on investments, but returns on those investments have not materialized. Large cities also face the same problem. How do we fix the situation? McQuillan offers a plan to fulfill promises to retirees and keep pensions solvent.
What is a Voluntary City? It is a community built and maintained by private initiative and cooperation, not by the coercive political institutions that many people assume are needed to make communities work. Independent Institute Research Fellow Robert P. Murphy explains with examples of how private initiatives can provide social services.