Wyoming Liberty Group

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Pension Reform – Time for a Reality Check

Introduction 

Imagine living in a place where anyone can have anything they want by just wishing for it. If one wants a house, one imagines a house—and poof—it appears. But scarcity is the basis for an economic system, thus in a place with no scarcity, people have no needs. In a place where people have what looks like every material need by just wishing for it, they have no need to work, no need to cooperate with other people, and as a result, being naturally quarrelsome, people tend to live farther and farther apart.

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The Public Sector Ponzi Plan

We shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves.
               Thomas Jefferson, 1813 

Pension misunderstanding and misinformation are alive and well in Wyoming. Talking about pension reform raises both hopes and hackles. While many worry about the legacy of pension debt, the resulting tax hikes and service reductions imperiling future generations, others drag out the litany of common, but incorrect, objections to reform. Presented below are a few of the favorite objections, to which we’ve responded. 

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