Understanding the nearly $4 trillion public pension crisis that plaques the U.S. can be challenging. Not only is the issue complex and multi-faceted, it is widespread. The tentacles of pension debt reach into most every U.S. city, threatening financial stability and prohibiting economic growth, leaving citizens with increased taxes and decreased community services.
So when a good resource comes along that not only explains the underlying issue of public pensions, but offers viable solutions, pension reform advocates take note. Such is the case with the new book, Public Pensions and City Solvency. Written in an understandable, direct style, a myriad of pension expert contributors provide analyses and practical approaches to traversing the fiscal quagmire in which many cities find themselves.
Retirement Security Initiative Board Member and former Lieutenant Governor of New York Richard Ravitch contributed the book’s foreword and Wharton School academicians Robert Inman and Susan Wachter provide the conclusion. The meat of the book includes an economic perspective of public pensions by Joshua Rauh, a leading scholar in the study of unfunded pension liabilities; legal framework by Amy Monahan, an authority in public employee benefits law; and political context and means for solutions by leading political scientists D. Roderick Kiewiet and Mathew McCubbins.
For their contributions to pension reform—explaining the ins-and-outs of the issue and offering viable solutions going forward—plus, for giving us a really good read, they are RSI’s heroes of the week. Order your copy today.