Posted on 06/16/2022 7:46:14 AM PDT by Jan_Sobieski
Unfunded state pension liabilities have climbed to $8.28 trillion, or nearly $25,000 for every person in the United States, according to a new report from the American Legislative Exchange Council.
The American Legislative Exchange Council released the latest edition of its report on pensions in all 50 states Thursday. The report, "Unaccountable and Unaffordable 2021," shows just a handful of states with outsize pension liabilities account for a large share of overall pension debt in the U.S.
The report looked at 290 state-administered government pension plans and their assets and liabilities from fiscal year 2012 to fiscal year 2020. An example of state-administered government pension plans in Illinois would cover state employees, teachers, university workers, judges and lawmakers.
The states with the most unfunded liabilities were California ($1.53 trillion), Illinois ($533.72 billion), Texas ($529.70 billion), New York ($508.70 billion) and Ohio ($429.53 billion). These five states alone account for more than $3.5 trillion in unfunded liabilities, or about 43% of all unfunded liabilities in the U.S.
The bottom 10 states make up $4.9 trillion, or 59.36% of all unfunded liabilities, according to the ALEC report. On a per capita basis, the bottom five state were Alaska ($42,829), Illinois ($41,656.79), Connecticut ($40,427.58), Hawaii ($39,939.43), New Jersey ($39,849.02) and California ($38,713.16)…
(Excerpt) Read more at justthenews.com ...
Cap off the annual retirement checks to $50k/yr. I’d go down to 30. Retroactive.
Sucks to be you.
From everything I've seen, New York (for all its flaws) has one of the most sound and stable pension systems of any state. Its long-term retiree health care obligations are a different story, but having a comptroller position in the state government who serves as a fiduciary for the state pension fund has been a real asset over the years.
Pensioners just have to take a haircut. Reset projected pensions to what the plan can actually pay. Crooked pols and crooked unions have been complicit is dishonest accounting for decades. They’ve always assumed that, in the end, they would get a bailout. They shouldn’t.
Do the same for Social Security. Liars and the people who voted for the liars shouldn’t be bailed out.
I retired in January 2019 after putting in 30 years as an Illinois state employee. The state retirement system has already paid me more in pension than I contributed during my 30 years. I’m not even including the value of the retiree health care plan that is provided.
Am I getting a good deal? Yeah!! Are the taxpayers of Illinois? Not so much.
The Left were touting him as the Antichrist. Even a guy I know suggested it; to my surprise.
I still believe that man will come from Europe. Then we have Kissinger saying O’Barry was perfectly positioned to lead a New World Order and JK at a ‘Peace and Security’ conference on Israel; and making tremendous headway. Barry used those words as well.
As the Bible predicted they would.
The pension racket
Eventually you will be forced to take eldercide jabs to receive your pension. Remember what Ezekiel Emanuel said…”no one should live past 75 (65 from a government perspective)
Sorry, but I don’t owe state employees anything to bail out their poorly run pensions.
(no one should live past 75)
Hence....... Obamacare
I’m a bit surprised to see Alaska mixed in with all those Blue States.
It’s so laughable that the atheist opponents of Reagan (Ronald Wilson Reagan = 666) declared him to be the anti-christ even though it only makes sense to believe in an anti-christ if you believe in Christ.
heh
“$25,000 for every person in the United States”
The average retirement savings for “every person in the United States” comes out to just about ZERO. Yet these public sector grifters are going to expect you and me to fund their retirements, despite the fact that they supported the politicians that robbed them (and us) blind. Screw ‘em I say.
So If/when millions of people’s 401k and other retirement plans go bankrupt due to the failed economy, do you think that will generate sympathetic articles from the Media?
Not likely.
Government workers are in a special/protected category.
Credit card debt, as a national average, is already maxed out; in fact it was maxed out last month.
Generally people can coast another 60-90 days if they want to once their credit is kaput, they just don’t pay bills and make excuses/dodge the creditors. But not much longer than that usually.
“A Democrat president: No problemo. The federal government will bale you out.”
There’s an addendum to that: The democrat will bail you out, with printed money that devalues all the rest of the money in circulation, so your fat retirement account isn’t in default, but is still mostly worthless.
“I still believe that man will come from Europe.”
Not I. “Antichrist” means not only “against Christ” but also carries the implication of “false Christ” or “counterfeit Christ”. And the original Christ didn’t come from Europe.
I understand.
There are other possibilities of course.
That’s why I try to emphasize he will confirm (whatever that means) the 7 year covenant of Peace and Security.
Some say it means “strengthen”.
(but also carries the implication of “false Christ” or “counterfeit Christ)
To me, that’s the primary definition.
The Deceiver has quite a plan with his anti-messiah.
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