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Fareed Zakaria
Baltimore County's pension problem

As 20 years of fiscal mismanagement by government officials comes to a head, we repeatedly hear public servants warn of their underfunded pension funds ("Baltimore Co. weighs pension bonds," Oct. 14). While the private sector has had a decline in real wages over the last 20 years and the evisceration of pensions, government compensation has continued its upward climb. A recent article by CNN's Fareed Zakaria points out that the municipal bankruptcies we keep hearing about aren't about taxes being too low or spending on services being too high but about pensions. Mr. Zakaria notes that California's pension-related costs rose 20-fold in the decade since 1999, and...

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