1. Honest reporting in the New York Times.
2. Recognition that 8.25%/annum isn't a guaranteed return on investment. (How does 2.4% sound? See tenth paragraph in Times story.)
What's not news?
Framing the discussion with a threat that pensions won't be paid.
|RI State Treasurer, Gina Raimondo|
has introduced a reform plan
but it sounds like a patch not a fix.
A good review is posted at Walter Russell Mead's site. His exposition of the "Decline of the Blue Social Model" prompted thoughtful commentary. Even he gives a false dichotomy: "Ultimately, you will have to fire existing workers, stop paying pensions or a mix of both". People who make a contract can later on make a different contract. The choice doesn't have to be between the miseries of bankruptcy and the miseries of the status quo.