Friday, December 09, 2005

Washington State pension fund billions in red

The Seattle Post-Intelligencer reports:
It's a $4 billion monkey on the Legislature's back.

During the hard economic times of the recent past, lawmakers essentially borrowed from the state pension system to avoid cutting programs any deeper or raising taxes any higher than they already had.

Now they find themselves committed to providing retirement benefits for state employees and teachers worth $4 billion more than they've paid into the program.
Eat your heart out Enron.