Retirement debt is real debt

Retirement debt is real debt

Last week, the Maryland House of Delegates and a Senate panel approved Gov. Larry Hogan's fiscal 2016 budget proposal, with modifications. While the proposed budget reduces agency spending by 2 percent and cuts pension spending, the budget does not address Maryland's current retirement debt, which represents 64 percent of the state's actual debt. According to The Star Democrat, an Easton newspaper, "Hogan criticized the previous administration for 'being on track to spend $700 million that we did not have' and putting the state 'on a path to financial peril.'" But many lawmakers and Marylanders may not know that the state is already in...