The bill on unsustainable promises - Know how I go on and on about the federal entitlement crisis? As Bulldog Pundit reminds us, in some states, there is
a pension crisis just waiting to explode: "
However, if you live in New Jersey, the pension fund is well below the required amount needed to be set aside - but the real shock is that there is a $21.6 billion bill coming due over the next few decades for non-pension retirement benefits - and the state has set aside nothing. Zip. Zero. Nada. The same is true of New York, California, Texas, Florida and Illinois."
3 comments:
This doesn't worry me in the least. I look forward to the day these govt. bloodsuckers get nada for their pensions and health coverage. They spent their life stealing taxpayer dollars, it should be up to them to finance their golden years. That includes the cops and firemen -- while they did work, they've also made good money for a long time.
If I called firemen bloodsuckers, I'd be anonymous, too.
Maybe you should just call firemen stupid, then, if they fell for this Ponzi scheme. Anyone with an ounce of sense can get a few numbers and see when unsupportable promises have been made.
In the Detroit area, at least 3 cities have totally defaulted on their pension (and other post-retirement benefits) promises. Their retired firefighters and police now get zip. nada. zilch. nothing.
Why? Because in the late 70s and for decades after they signed contracts with promises about benefits that simply could not be sustained by the tax base hypothetically supporting the promises.
The pattern is all over Michigan. Government workers are routinely promised benefits that cannot be paid for by tax revenues.
Wise up.
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