Posted on 10/20/2010 7:32:42 AM PDT by Oldeconomybuyer
As public pensions struggle for funding, workers who relied on these funds for their retirement are going to need to retool their retirement planning, creating an opportunity for financial service professionals in these areas.
The study estimated that every household in the 50 participating cities and counties owes about $14,165 to current and former municipal public employees; in New York City, San Francisco and Boston, the total is more than $30,000 per household.
Philadelphia has the most immediate cause for concern, as the city cannot pay unfunded liabilities with its existing assets past 2015. Cities with current pension assets that can pay for promised benefits through 2020 are Boston, Chicago, Cincinnati, Jacksonville, Fla., and St. Paul, Minn., according to the report.
Another 18 cities and counties, including New York City, Detroit and Orange County, Calif., are solvent through 2020, but not past 2025.
“The situation is especially dire for taxpayers in these areas,” Joshua Rauh of the Kellogg School of Management at Northwestern University and co-author of the study said in a statement. “In addition to being exposed to the prospect of severe local government tax increases and spending cuts, they also will be called upon to pay for their share of the $3 trillion unfunded liabilities at the state level.”
(Excerpt) Read more at ifawebnews.com ...
Unfunded pensions? In Philly? You can’t be serious.
Another finely run Democratic city.
What a mess.
Screw them... and all dim enclaves. You have the government that you deserve.
LLS
Well, it doesn't have to be. The taxpayers should not have to suffer just because the government workers were promised a deal that ended up being too good to be true.
Sorry, government workers. We need to walk away from this poison.
Boy, that’s a real shame. /s
Then we can start stripping these bottom feeding parasites of their cushy little taxpayer financed 'retirement' schemes. No more. We're done.
L
After all those years of socialism.......the bill is due....................
Too bad. Philly likes democrats. Y’all pay your own way out of this mess and don’t expect responsible states to bail you out.
After 70+ years of socialism the Soviet Union fell.
Ours started a little later,,,,,,,,,,,,,,,,,,,
I detect the stench of bailout in the air.
The folks who live on Society Hill are going to be killed with taxes. Hopefully, a good many of them saw it coming and got out a couple of years ago when housing prices were much higher.
Philadelphia??? Good; let ‘em friggin’ go under.
Exactly. There’s only so much money in the pot. No matter what you promise. When the pot is empty, you have to go to plan B and if the people don’t see it, they will find out the hard way that promises don’t always pan out.
DEM Mayors since 1952. Is it any wonder this City as well as other DEM run Cities are broke?
This is a warning to anyone who works or owns a house in Philly to MOVE OUT NOW. You are about to be taxes to death...
This is a warning to anyone who works or owns a house in Philly to MOVE OUT NOW. You are about to be taxed to death...
I would not want to own an electronics store in downtown Philly right now.
“The situation is especially dire for taxpayers in these areas,”
That line kind of cracks me up. I saw all these stupid decisions being made in the Seattle, King county area regarding tunnels, light rail, etc.
So I bought a farm in central kentucky. Yes, I do still keep a small place in Seattle, but I’m no longer one of the “taxpayers” there. Taxpayers can always move - especially if they rent.
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