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 ...
The general public is all going to get “Enron’ed” eventually, probably including Social Security, AND IT IS THE DEMOCRATS’ FAULT.
Remember the dire warning projections? All the “Trump will take away social security!” BS?
It was gaslighting and pure projection. Accusing someone else for your own behavior. It is a favorite tactic of the extreme left.
Was *.0 dropped to *.8, this week dropped again. I am next to the director of the fund. I have 35 projects with the fund. None of their investment people , all young, appear to have ever run a business, it appears ...they have absolutely no harbinger triggers for the markets. I was in elex, precious metals, real estate, healthcare etc for 40 years. I was involved in $7+billion dollar projects...They have one non employee advisor on contract who has biz experience...if they had any brains they would be watching the Japan/S’pore markets for their predictive algorithms
100%
They like a cozy 8% . They are very very conservative. Sometimes I proffer an opportunity at 10-25% but they never take any risks, even with their minimums. NO risk, no gain. If they knew the business investment world intimately, they would know where/when/how to take the risks with cover. But they don`t.
Fed has about $140T unfunded liabilities!
At least the state funds will finally be earning the 8% on the holdings that they’ve been assuming they earn for the last 20 years.
Much of this is Jimmy Carter’s fault who thought it was a good idea to allow government unions to negotiate with government employees to set wages and benefits.
I know a guy in Illinois who says his state pension is more than he made before retiring. He’s probably not the only one.
In California the unions have it that the taxpayers must pay the pensions in any state shortage. In short you get it in the shorts while the state workers with their very big pensions take it easy.
They are doing this through inflation. Pensioners will be paid every penny they are owed - those pennies just won't buy nearly as much as they should have.
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