Detroit, small cities in California, maybe soon New York City and the entire state of Illinois. Heck, as outlined in this week's Wall Street Journal, ("Los Argentina," August 27, 2014), even the city of Los Angeles can be counted among this rogue's gallery.
What am I talking about? I speak of a growing cancer in our economic landscape, one caused by greed, self-interest, and a terrible tendency to avoid self-responsibility. Worse, this isn't a self-inflicted injury, it's a blood-sucking slurp allowing the public servant class of today to enslave the children of tomorrow.
I've just spoken to a number of retirement practitioners across this land, and they've cried mentioned the one particular evil plaguing all public pensions. There is absolutely no way you can eliminate it. What is it? It is the structural conflict-of-interest between politicians buying votes with public retirement promises and public employees so willing to sell their electoral soul for an oversized pension. (See, "The Golden Goose Lays an Egg: Fiduciary Issues with Public Pensions," FiduciaryNews.com, August 27, 2014.)
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
