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Public pensions sound dull and complex. The failure to manage them properly, however, can lead to massive debt, fiscal insolvency and a weakened economy.
In Michigan, the public school retirement program is underfunded by $22.4 billion. As elected officials debate the best way to eliminate this ongoing liability, the Mackinac Center’s Dan Armstrong explains the issue — and a suggested remedy — in plain English.
The Mackinac Center for Public Policy is a nonprofit research and educational institute that advances the principles of free markets and limited government. Through our research and education programs, we challenge government overreach and advocate for a free-market approach to public policy that frees people to realize their potential and dreams.
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