By Jordan Pandolfo and Kurt Winkelmann, includes “At their most basic, POBs are meant to solve one problem: short term pension accounting. However, on balance they do not improve taxpayer welfare. The benefits of moving the pension deficit onto the balance sheet and restoring short term pension balance are swamped by basic governance issues. … unless these governance issues are resolved, POBs simply shift the timing of the funding challenges. Consequently, our analysis suggests that taxpayer welfare decreases when a POB is used.”