Pension Reform: The Fiscal Crisis No One Wants to Talk About

America is facing a fiscal crisis and no one is talking about it. Pension reform has snuck under the public’s radar, even though it poses the single greatest threat to municipal and state governments. Pensions are a system by which government employees—teachers, firefighters, prison guards, etc.—receive regular payments after retirement, having contributed to an investment fund throughout their working life. With more and more pension debt accumulating every year, governments are contractually obligated to pay retirees before they fund critical services like higher education and infrastructure.