A Big Myth Persists: Defining Away Part of the Pension Crisis – WP Original
By: Mark Glennon* Look, maybe it would be reasonable to argue that solving only part of our pension crisis is the best we can possibly do. But it’s another thing entirely to start the discussion simply by defining away a large percentage of the problem. Unbelievably, that’s routine. The latest culprit is an important reporter, Karen Pierog, who covers pensions for Reuters. Her columns are widely reprinted. Yesterday, in an article about the portion of an Illinois pension’s liability that’s funded, she said it’s “still far below the 80 percent level considered healthy.” No, 80% is not considered healthy. That’s