Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Big Island of Hawaii & HOT BuOYS Sailing Vessel
5,277 posts, read 2,822,769 times
Reputation: 1932
Advertisements
Public pensions are monies promised to government workers including police and teachers. Millions of workers have been promised trillions of dollars.
The problem is the politicians who are supposed to collect taxes to pay these future bills have either not been collecting enough money and pensions are underfunded or not funded at all.
Alternately, fund managers have projected stellar returns on pensions money year in year out with no market crashes.
Public pensions are monies promised to government workers including police and teachers. Millions of workers have been promised trillions of dollars.
The problem is the politicians who are supposed to collect taxes to pay these future bills have either not been collecting enough money and pensions are underfunded or not funded at all.
Alternately, fund managers have projected stellar returns on pensions money year in year out with no market crashes.
If I was CEO of a company like Amazon, this would be huge consideration for relocating business and employees. Why would anyone move to an area than Must raise taxes tremendously to pay for these pensions?
California and it's liberals have created $992 billion in unfunded pension liabilities. Lots of six-figure pensions and free lifetime cadillac health care benefits.
Hopefully California has to pay every penny of these pensions also the pretentious, unqualified and illogical liberal Democrats promised them.
What is amazing is Califonia legislature rather than worrying about that 992 billion in pension liability that is unfunded due to the legislature being in bed with the public unions was more worried about Donald Trump.
California knows that it's about to fall of a fiscal cliff and is insolvent over the long-term so it diverts the public's attention by making worthless resolutions that mean nothing condemning a president they are jealous of.
Will be interesting to see how high the taxes will go and how terrible the public services can get in California. They already have third-world level of public services, overwhelmed and nearly non-existent safety-net for American citizens and lots of dumpy, outdated schools.
What is really going to be excellent when honest, well-run states like Nebraska, North Dakota, South Dakota will have tiny pension liabilities because they vote Republican.
This is why you don't count on the government to manage your retirement for you. All they'll do is take your money, and spend it on something else. The budget deficit will just be something else for some future politician to deal with.
As usual, every government organization that's intended to help people just turns into a huge money sink hole that accomplishes nothing.
Nice maps and charts at those links. Looks like Puerto Rico, Connecticut, Illinois, New Jersey and Kentucky are in the worst shape right now. My state has only 12 billion in total pension debt and we have recently elected a fiscally conservative governor and a majority Republican legislature. I hope they cut the public sector benefits back.
I have spent the better part of my adult life attending all levels of government meetings.
At benefit time, they all call in the consultants who prognosticate about pension funding. They always tell the elected that the agency can afford whatever raise or pension options are being considered. IMO, they pull numbers from their backsides. When do we get 8% growth for 13 or 14 years running?
IMO, this underfunded benefits crap will stop when some town, school district or cop shop sues the bastards and wins.
Nice maps and charts at those links. Looks like Puerto Rico, Connecticut, Illinois, New Jersey and Kentucky are in the worst shape right now. My state has only 12 billion in total pension debt and we have recently elected a fiscally conservative governor and a majority Republican legislature. I hope they cut the public sector benefits back.
Christi did it on purpose, underfunded pensions that is.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
