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.
Senior Fellow Lawrence McQuillan, author of California Dreaming appears on Radio Americas “Made in America” to discuss the public pension crisis in the US. How did public pension funds become so depleted and why haven’t politicians made good on their promises to fully fund pension systems? The city of Detroit went bankrupt and the judge ruled that pension benefits to current retirees can be cut to pennies on the dollar. McQuillan explains how to fix the system and make good on promises to retirees while keeping future public pension systems solvent.
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 KSOO radio in Sioux Falls, South Dakota to discuss solutions to the crisis in underfunded public pension systems across the country. Judges in Detroit and other cities have ruled that pension payouts can be cut for current retirees in the case of public municipal bankruptcies. Transitioning out of public pensions into a 401k-style system would give employees some degree of control over their retirement money. McQuillan proposes a 10% contribution by employers to public employee retirement accounts. The savings could help pay down the debt and it would make good the promises made to pensioners.
Senior Fellow Lawrence McQuillan, author of California Dreaming appears on KPRL radio in Paso Robles, CA to discuss the public pension crisis in California and other states, cities and counties across the United States. McQuillan explains how California got into the underfunded pension mess and his plan to resolve the crisis. As in the private sector, public pensions would switch to a 401k-style plan where a 10% contribution by the employer would add to contributions by employees.
Senior Fellow Ivan Eland was interviewed on CCTV America. He discusses the impact, both intended and unintended, of military air strikes in the Middle East and Asia. Eland elaborates the difference between air strikes from aircraft carriers and land-based air strikes. He also analyzes how countries such as China react to the US show of force around the world.
Senior Fellow Lawrence McQuillan, author of California Dreaming appears on KNWZ radio in Palm Springs, CA to discuss the state of California’s public pension system, and how it came to be in such a mess. The underfunded system threatens taxpayers with the costs of a bailout if something isn’t done to resolve it. McQuillan talks about what is needed to reform the public pension systems across America.