Your July 31 article regarding issuing pension bonds to solve the state’s pension problems is another instance of inept politicians attempting to solve today’s obligations by placing the burden on future taxpayers (“Bonds Could Save State’s Pension Problem”).
As a professional in the bond market for over 50 years I have seen this continual lack of fiscal responsibility by politicians used over and over. Issuing bonds provides elected officials a way to pay back the banks, investment houses and attorneys for their ongoing contributions to their election campaigns. Instead of having the courage to take steps to solve the current problems they will attempt to borrow their way out of the problem. It’s analogous to amassing large debt on your credit card, borrowing at high rates to pay off the debt and then continuing to use the card for new debt.
The elected officials will continue to draw their lucrative pensions and expect future generations to pay for their follies.
PAUL M. HENRY