re: Massive layoffs and pay cuts likely coming to state and local governments

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I'm all for cutting state pensions, including per diems and food/housing/travel allowances of state legislators, and their state pensions (if any). They should ALL be in 401ks. Those currently receiving state pensions should be forced to convert to 401ks. I believe this can be done through state bankruptcy. States are not going to be able to continue making current pension payments so revenue is very likely going to try to be raised through additional taxes.

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Pensions could have been successful, if it weren't for the massive abuse and also kicking the can down the road on pension liability payments.

LSP officers boosting their last three years with fraudulent overtime to maximize the pension, for example...

I feel sorry for the government workers who are actually stellar employees. They exist, and they're going to get screwed by this.