If you’re a taxpayer from a well-run state with low public worker union pension debt, you may be watching in horror as House Speaker Nancy Pelosi pushes the political buttons for the new CARES Act 2 federal coronavirus relief bill.
People and businesses need help. Government shut down the economy to deal with the pandemic. There are serious coronavirus costs, and federal help is needed.
But what’s worrisome is this: Politics could morph necessary relief into a massive no-strings-attached bailout for Illinois, New York, New Jersey and other poorly run states to pay down their unfunded public worker pension debts.
And who pays? You do.
It’s like watching Grandma take your college fund to pay off her brother’s gambling debts.