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July 10, 2015

Title: Will Houston become the Detroit of the South?
Topic: Government Spending

Discussed by Dr. Lawrence McQuillan
with Independent Institute (www.Independent.org)

Elected officials have routinely promised government employees fat pension plans but have not fully funded these obligations. Now, there aren’t enough workers paying into the system to cover the obligations to a tune of approximately $4.7 Trillion deficit across the country. Texas owes $300 Billion of that and Houston has $14 Billion in obligations.

Dr. Lawrence McQuillan is a Senior Fellow and Director of the Center on Entrepreneurial Innovation at the Independent Institute. He is here today to help us better understand the dire circumstances our elected officials have placed us in.

If business owners handled their employee pensions the way the local and state governments do, someone would go to prison! “The laws that govern private sector pensions are very strict. If the same shenanigans happened in the private sector, people would go to jail!” Dr. McQuillan laments.

He goes on to discuss the deficit in Houston and what the future may look like. Will Houston become the next Detroit?

Dr. Lawrence McQuillan is the author of “California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis”. You can find more information here.

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