There is a valid nationwide sentiment of concern over public pensions, and poor funding ratios are viewed negatively by financial markets.
To stabilize the nation's public-employee pension systems and to prevent federal taxpayers from being billed for failed pension funds, I have introduced the Public Employee Pension Transparency Act in Congress.
We need to expand Social Security to prevent the looming retirement crisis, and we can do it simply by asking billionaires to pay their fair share.
Pension reform can be hard to talk about. In the long run, reform now means fewer demands for layoffs and less draconian measures in the future. It's in the best interest of all Californians to fix this system now.
Taxpayers should demand that their states honestly assess public pension plans, accurately measure the assets and liabilities, and take steps to provide fair benefits to public employees that limit taxpayers' liability.
It is my hope that I will be able to work with legislative leaders on both sides of the aisle and Gov. Hickenlooper to find a solution to fix our ailing pension system.
Where public pensions are concerned, many jurisdictions are running out of road.
Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace and it's got to be fixed.
