Some Pension Solution...
Mish has a post on contrasting California and Ireland's moves to cut government wages.
What was of interesting note to me is that Ireland is doing it as a 7% cut to workers, but it goes to fund their pensions.
I think it would be better to cut pensions to something sustainable and affordable.
But seriously, 7% more to pensions, for a lot of pensions this would essentially double the worker contribution. I have been saying that we've been paying about half what we need or that pensions can only afford to pay about half of what they promise. Seems that truth has already come home for Ireland.