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 havent 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 Lawrence McQuillan, author of California Dreaming appears on KNWZ radio in Palm Springs, CA to discuss the state of Californias 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 isnt done to resolve it. McQuillan talks about what is needed to reform the public pension systems across America.
Senior Fellow Lawrence McQuillan, author of California Dreaming appears on KUHL radios Andy Caldwell show. McQuillan talks about Californias public pension system and how it is on a road to financial ruin. The states pension payout is gobbling up the states budget and other services are suffering. Politicians often take pension holidays and dont contribute during periods of economic prosperity and the pension funds suffer even more. McQuillans book contains solutions, such as private sector 401k-type retirement plans, which fulfill promises made to retirees and keeps the state solvent.
Hillsdale College Professor of Economics Ivan Pongracic discusses the different motives that exist in the public decision-making process. He utilizes economic analysis to shed light on governmental choices. Presentation given on June 9, 2015 at the University of Colorado, Boulder.