- Sunday N Y Times: The Next Retirement Time Bomb - CRASH_GURU, 12.12.2005, 20:08
Sunday N Y Times: The Next Retirement Time Bomb
-->The Next Retirement Time Bomb - “For years, governments have been promising generous medical benefits to millions of schoolteachers, firefighters and other employees when they retire, yet experts say that virtually none of these governments have kept track of the mounting price tag. The usual practice is to budget for health care a year at a time, and to leave the rest for the future.
Off the government balance sheets - out of sight and out of mind - those obligations have been ballooning as health care costs have spiraled and as the baby-boom generation has approached retirement. And now the accounting rulemaker for the public sector, the Governmental Accounting Standards Board…has issued a new accounting rule that will take effect in less than two years. It has not yet drawn much attention outside specialists' circles, but it threatens to propel radical cutbacks for government retirees and to open the way for powerful economic and social repercussions.”
http://www.nytimes.com/2005/12/11/business/yourmoney/11retire.html?th=&adxnnl=1&emc=th&adxnnlx=1134318996-IRbZA+Nqsk6PQeW1+f+Q2A

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