Posted on 05/29/2007 8:36:54 AM PDT by Cat loving Texan
What has happened with the measure allowing the state and local governments to ignore the Govt Accounting Standards Board requirement that retiree healthcare costs be expensed in the year accrued, and not simply put off to some TBD later date?
This law is going to create a massive unfunded liability that governments won’t have to budget for - until the bill comes due, and offices are closed, schoolbuses parked, etc. to free funds to pay it.
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