The Political Economy of Public Pensions

Eileen Norcross (George Mason University, Virginia),Daniel J. Smith (Middle Tennessee State University)

The Political Economy of Public Pensions
Format
Paperback
Publisher
Cambridge University Press
Country
United Kingdom
Published
2 September 2021
Pages
75
ISBN
9781009011624

The Political Economy of Public Pensions

Eileen Norcross (George Mason University, Virginia),Daniel J. Smith (Middle Tennessee State University)

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.

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