Posted on 08/08/2010 9:00:24 AM PDT by Zeddicus
■ Unfunded pension liabilities are approximately $2.5 trillion, compared to the reported amount of $493 billion.
■ Unfunded liabilities for health and other benefits are $558 billion, compared to the reported $537 billion.
■ Thus, total unfunded liabilities for all benefit plans are an estimated $3.1 trillion — nearly three times higher than the plans report.
To put these liabilities in context, state and local governments’ reported unfunded obligations under pension and other benefit plans amounting to 7.1 percent of U.S. gross domestic product (GDP) in 2008. When adjusted using a more appropriate discount rate, however, states’ unfunded obligations were 22 percent of U.S. GDP.
(Excerpt) Read more at ncpa.org ...
All the states can do is either make some very unpopular cuts in entitlements or hope for some dramatic improvement in economic growth or ask the Feds to print more money to bail them out.
Never in my wildest days did I ever think I would see what is unfolding in front of us now.
“The principle for which we contend is bound to reassert itself, though it may be at another time and in another form.”
Jefferson Davis
The Last two paragraphs are blunt and to the point
If you are a state or local government employee and thought I was some sort of nut a couple of years ago when I was warning you that you had better start both raising hell and socking back your own funds, you better read this report - and then get VERY angry, as you've now lost two more years of time with which you could have been trying to do something about securing your own retirement.
The programs you believed would protect it will not be there when you expect them to be.
Period.
... those of us remaining working in the private sector, that’s who. And how are we going to feel about it when we are working our tails off until the day we die to fund the early and lavish retirements of our retired public employee neighbors?
Pitchforks anyone?
Or?
As a retired local government employee who worked for a City that did not offer a defined benefits pension, I can hardly wait for the Unions to find the well dry. Get your money out of any 401, 457, etc. before they decided to redivide.
Hey don’t forget you’re also helping fund 52 yr old UAW retirees @ $3200/month and silver plated benefits!
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