Polyakov: Cities can stave off bankruptcies by pre-funding worker benefits

By Mike Polyakov, California Common Sense, Research Director

Recognizing that retiree health care costs are on the rise, some of California's largest cities are beginning to set aside funds to cover those future costs now. However, most are not doing enough to prepare for the larger future burdens. (Photo: Droidmill) In Aesop's fable, an ant and a grasshopper take two different approaches to confronting the coming winter. While the ant works to gather food for the coming months, the grasshopper idles away the summer.

Months later, the ant that planned and saved for his future easily survives the winter. The grasshopper that set aside nothing struggles to make ends meet.

The fable's implications about preparing for the future are clear to us on a personal level, so why do we not hold our state and local governments to the same standard?

(Read the full article at the Sacramento Bee.)