15 April 2013

An On-Track NYT Editorial

I suspect it's not often that I would find an editorial in the New York Times whose logic I find to be straightforward and its conclusion correct. Today, mirabile dictu, is one of those occasions.

Titled "Public Pensions in Bankruptcy Court" the grey lady's editorial board agrees with what I have suggested here: claims for retiree pensions and health benefits must share in the pain of municipal bankruptcy. It remains to be seen whether CalPERS and cities like Stockton and San Bernadino ultimately concur with the recommendation of the Times that "the way to get the city back on its feet is for city officials, creditors and retirees to negotiate a fair settlement quickly."

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