Quote:
Originally Posted by scottw
States Warned of $2 Trillion Pensions Shortfall
Published: Tuesday, 18 Jan 2011 | 4:51 AM ET Text Size By: Nicole Bullock, Financial Times
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US public pensions face a shortfall of $2,500 billion that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund.
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$2.5 trillion in pension shortfall. There are 300 million people living in this country, so that works out to $8,333 for every person living here.
Are there really a lot of people here who feel that asking for another $8,333 per person, on top of the taxes you currently pay, is reasonable? And bear in mind this is just the PENSION shortfall. In CT at least, the healthcare benefit shortfall is higher than the pension shortfall, so you can bet that what you owe is significantly more than $8,333 per person. These are contractual obligations that are unfunded, so these union members are expecting that money. which is guaranteed by contract (until municipalities declare bankruptcy, which gives them the legal right to re-negotiate.
And faced with this crisis, voters in CT went even heavier in favor of Democrats. Unbelievable.
And the federal unfunded obligations for social security and medicare? Those are in the tens of trillions. According to Likwid, if you take issue with any of this, you are a crybaby who can't make his own way in life.