Oregon Treasurer Ted Wheeler has slammed down the gauntlet to the Board of the Oregon Public Employees Retirement System saying that PERS promises benefits to retirees at levels that can’t be delivered and at costs to local and state government departments and agencies that can’t afford to pay it. In short, the current PERS system is bankrupting the public sector that provides schools, roads, law enforcement, environmental protection and all the rest that makes a modern society even possible.
While many argue that the root of the problem is found within a momentous shift in “wealth of the many” into the “hands of the few” (and thereby reducing public sector financial resources), Wheeler calls for a dramatic lowering of expectations among those who are currently working, or even considering working, in the public sector.
The story is in the Oregonian. Click here.