Borrowing to Replenish Depleted Pensions


Barry Shutt has been staging a vigil against pension obligation bonds at the Pennsylvania state capitol in Harrisburg. His sign says: “Borrowing money is not a fix. It kicks the can down the road and steals from our children and grandchildren.” CreditMark Makela for The New York Times

HARRISBURG, Pa. — Facing a shortfall of more than $50 billion in his state’s pensions, and with no simple solution at hand, Gov. Tom Wolf of Pennsylvania is proposing to issue $3 billion in bonds, despite the role that such bonds have already played in the fiscal woes of other places.

And he is not alone. Several states and municipalities are considering similar action as they struggle with ballooning pension costs…

Borrowing to Replenish Depleted Pensions

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