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Coming Pension War Makes Election Battle Look Tame

February 1, 2013 1 minute Read by Amity Shlaes

The tax gap isn’t the deepest divide in America. The deepest gap is the pension divide, between those few who have a guaranteed cushion in the form of defined-benefit pensions, which promise a fixed annuity at retirement, and those who don’t. How the candidates address this divide, cultural as well as political, is crucial, far beyond November. The reality is that a big public-pension crash, which will eventually occur no matter who wins the election, will make clear that the government employees won’t get what is promised. It will reveal the truth: We are all in the same boat fiscally and even financially.

The full text posted on Bloomberg.com here.

This post was written by Amity Shlaes, Director of the 4% Growth Project at the George W. Bush Institute. Find her on Twitter @AmityShlaes.

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