Alexandria, VA – Bob Williams, President of State Budget Solutions (SBS), a non-partisan advocate of state budget reform and a project of the non-profit Sunshine Review, released the following statement regarding today’s report, “The Pending State Pension Crisis,” released by Congress’ Joint Economic Committee. In July, State Budget Solutions released a groundbreaking study that says that the aggregate unfunded liability of state public pension plans are more than $4.6 trillion.
“State Budget Solutions applauds the Joint Economic Committee’s report on the pending state pension crisis. The report reiterates the severity of the disaster that all of our states are facing. The true public pension debt is more than $4.6 trillion and that number continues to grow despite the insufficient reforms passed to date by the states.
However, a federal bailout of state pension debt is an atrocious mistake that future generations will be underwriting. Any bailout will serve as an excuse for governors and politicians to delay meaningful reforms and spending cuts essential to reining in their pension debt. There is no option for status quo or incremental adjustments. Drastic reforms, innovations and political courage are needed to put our states back on the road to fiscal survival.”
To read Bob Williams full bio click here
About State Budget Solutions
The State Budget Solutions is non-partisan, positive, pro-reform, proactive and anchored in fundamental-systemic solutions. State Budget Solutions is a project of Sunshine Review, a national, nonprofit pro-transparency organization. The goal is to successfully engage political journalists/bloggers, state officials and opinion leaders in a new way of thinking about state government and budgets, fundamental reforms, transparency and accountability. Sharing studies and articles, data sets, anecdotes, and compelling narrative about what is happening in state and local budgets, The State Budget Solutions presents and disseminates information about every aspect of coming fiscal and economic disasters and, more importantly, highlights fundamental reforms to avoid them.
Check out StateBudgetSolutions.org for more information.