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Another 'Other People's Money' Story. And The 'Other People' Means You
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New York State, and its cities and authorities, have cut deals with unions to promise over $200 billion -- with a "b" -- to its retirees. How much has the state set aside to cover what it'll owe? Nothing. The government will ultimately have to choose between paying the retirees and paying bond investors. They can't, not with present revenues. Guess who they'll come to for the money? Well, the taxpayers ARE the same people who elected the morons who spend their money in a profligate manner. (New York Times)
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