States Need to get Serious About Pension Reform

It’s clear that the economy is going to be one of the driving issues in the 2016 presidential campaign, but with the entire country riveted to national politics, it’s easy to forget that state issues are at least as important as what the federal government is doing.

Of the 16 Republican candidates, seven have been governors. They understand the importance of state-level reforms, and will be running hard on their records as bold leaders, unafraid to make the hard decisions required of a state’s chief executive.

As they stand on debate stages trumpeting their accomplishments, they will have to address how the country can deal with its unsustainable obligations on entitlement programs such as Social Security. No less worrisome, however, are the unfunded liabilities faced by state and local pension programs.