Monday, July 13, 2009
The great public-sector pension rip-off
In Britain the liability adds up to 85% of GDP. There is, in effect, a hidden transfer from private-sector workers to their public-sector peers. In Britain it may amount to as much as 30% of pay. Can someone list countries by off-balance-sheet liabilities so I know where to bet the next 25 years of my financial future on.