May 8, 2012
Thom Reilly was manager of Clark County Nevada from 2001 to 2006; he got out just before the crash. When it comes to understanding our insane economic world or municipal labor contracts and benefits, he has an insider's understanding. He's written a book Rethinking Public Sector Compensation--Whatever Happened to the Public Interest?, and it will be released later this week. In his new book, Thom chronicles the true cost of bloated pensions, lifetime health care, and why things are headed for a possible disaster, if our leadership does not start addressing the issue soon.
Little things like merit, initiative, and creative thinking fall by the way-side when it comes to hiring and compensating public employees. The system is geared towards longevity and achieving the maximum benefit level that the public will pay. Such views, untempered by the reality of the marketplace, have given us an unsustainable state and municipal financial system that is getting ever closer to collapse. If the eventual collapse occurs, the promises that were made to government workers will not be worth the paper they were written on. Thom however, has a number of ideas that can avert that inevitability.
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