I don't doubt the general drift of the data, and do I detect a note of exultant schadenfreude here? Pensions so small we can drown them in a bathtub! Oooh, look at those rapacious schoolteachers squirm! Well enough, but I wonder if outfits like Manhattan have thought through their strategy. Seems to me that sooner or later the
Meantime, it seems to me that data like this goes a long way to discredit the general proposition that public employees are overpaid. They are often paid well, but if they are being paid in empty promises, then maybe it is time to face reality and mark to market.