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Our Spendthrift States Don't Need a Bailout; Grants of New Unfunded Benefits Were Irresponsible
Steven Malanga in the Wall Street Journal
[Opinion] Nov. 18, 2008
Excerpt: [One reason states incur budget deficits] is their failure to deal with huge and growing employee pension and benefits liabilities.... A study three years ago by the Employee Benefit Research Institute estimated that the average public sector worker earns 46% more in total compensation than his counterpart in the private sector, largely because government employers spend 60% more per worker on benefits than counterparts in the private sector.
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