Whoa! We Owe, We Owe!

Mike Antonucci reviews the financial health of the National Education Association after its dreamy promises to its own staff union members in the74million.org.

More money would normally be good news for the union, but it comes with more problems. As revenues have increased, NEA and its affiliates have promised its own employees more and better benefits. Now those future obligations are devouring an increasingly larger share of their current revenue.

If NEA and all of its state affiliates were to sell off everything they own — every investment, building and paper clip — they would be more than $128 million short of what they need to cover what they owe, primarily to their current and retired employees’ pension and health care systems.