Double-Dipping Pensioners Bleeding NJ Dry

There is no single cause for the public pension crisis threatening the financial stability of states, counties and local municipalities across the U.S. Instead, its origins more closely resemble an actuarial version of the notorious death by a thousand cuts.

Fingers of blame can be pointed at self-serving politicians who doled out generous benefits to public employee unions seeking support at the polls in return. Union leaders are accountable, too, accepting short-term perks without seeing the potential long-term harm.

Structural issues have also played an important role, not least the problematic reality that the value of pension fund assets is inextricably tied to the fate of often-volatile stock markets.

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