The Conservative Cave
Current Events => Politics => Topic started by: Ptarmigan on April 09, 2019, 07:41:09 PM
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Growing Public Pension Crisis an ‘Existential Financial Threat’
https://www.theepochtimes.com/growing-public-pension-crisis-is-an-existential-financial-threat_2873436.html
WASHINGTON—Unfunded liabilities of nearly $6 trillion in state pension plans pose a significant risk to public workers, retirees, and taxpayers across the United States, according to a new study.
Almost every state struggles with massive unfunded pension obligations due to the “risky and uncaring attitudes” of lawmakers, according to a report released March 20 by the American Legislative Exchange Council (ALEC), a conservative public-policy organization.
State pensions in the United States are funded at an average of 35 percent of what they should be, according to the report. And that means an average of $18,300 in unfunded pension obligations for every resident in the country.
The problem no one talks about much. It is the elephant in the room, which is pension.
Alaska, Connecticut, and California have it the worst, while Tennessee, Indiana, and Nebraska have the best.
Michigan, Oklahoma, and Utah have implemented reform.
Utah implemented that saved tax dollars.
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This is what happens when politicians make promises they know someone down the road will have to deliver.
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My state, New York, is somewhat decent in the viability of its’ public pensions. Apparently, they have made wise investment decisions in the past. As long as retirees stay in NYS after they retire, the pensions aren’t taxed by NYS. Both my wife and I want out of the state after we retire, so I guess that NYS will be taxing ours.
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Thing is, 'What it should be' is only partly actuarial math, the rest is 'professional opinion,' so it's something that doesn't become politically unavoidacle until some state gets within a few months of failing to make payroll. This stuff ain't gonna be fixed until it actually breaks...especially since the only way to fix it quickly means jacking up taxes big time.
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My state, New York, is somewhat decent in the viability of its’ public pensions. Apparently, they have made wise investment decisions in the past. As long as retirees stay in NYS after they retire, the pensions aren’t taxed by NYS. Both my wife and I want out of the state after we retire, so I guess that NYS will be taxing ours.
Is that legal? That borderlines on extortion.