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Gov't Outrage of the Day. Admittedly, it is
Posted on: July 26, 2016 at 08:31:49 CT
GA Tiger MU
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coming, but it will be here. Book it. And these gov't "workers" get more useless by the day, if my experience is indicative.
“If pensions run out of money, taxpayers foot the bill,” our income specialist Zach Scheidt said in this space last month.
“You may not have a teacher retirement program, a state employee pension or some other U.S. pension plan to collect from. But if these pensions run out of money, you can bet that you’ll be the one paying for it in the form of taxes.”
Last week, we noted CalPERS, the big plan for government employees in California, just had its worst year since the Panic of 2008 — a gain of 0.6%, just a wee bit shy of its 7.5% target.
According to the Stanford Institute for Economic Policy Research, state and local government pensions nationwide are now $4.8 trillion in the hole.
Yikes. The last we looked deeply into this matter, around this time five years ago, the figure was “only” $3 trillion.
Your risk as a taxpayer might be higher or lower than normal depending on where you live.
“The three states with the largest potential government pension problem are Alaska, Illinois and California,” says Chuck DeVore of the Texas Public Policy Foundation, writing in Forbes. “The three states that have been the most prudent in not overpromising and underfunding government pensions are North Carolina, Indiana and Tennessee…
“Without pension system reform,” DeVore writes, “government increasingly risks being seen by taxpayers as little more than a public employee pension system collection agency, demanding tax money to pay for well-heeled government retirees while returning less and less in services.”
“If pensions run out of money, taxpayers foot the bill,” our income specialist Zach Scheidt said in this space last month.
“You may not have a teacher retirement program, a state employee pension or some other U.S. pension plan to collect from. But if these pensions run out of money, you can bet that you’ll be the one paying for it in the form of taxes.”
Last week, we noted CalPERS, the big plan for government employees in California, just had its worst year since the Panic of 2008 — a gain of 0.6%, just a wee bit shy of its 7.5% target.
According to the Stanford Institute for Economic Policy Research, state and local government pensions nationwide are now $4.8 trillion in the hole.
Yikes. The last we looked deeply into this matter, around this time five years ago, the figure was “only” $3 trillion.
Your risk as a taxpayer might be higher or lower than normal depending on where you live.
“The three states with the largest potential government pension problem are Alaska, Illinois and California,” says Chuck DeVore of the Texas Public Policy Foundation, writing in Forbes. “The three states that have been the most prudent in not overpromising and underfunding government pensions are North Carolina, Indiana and Tennessee…
“Without pension system reform,” DeVore writes, “government increasingly risks being seen by taxpayers as little more than a public employee pension system collection agency, demanding tax money to pay for well-heeled government retirees while returning less and less in services.”
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Gov't Outrage of the Day. Admittedly, it is - GA Tiger MU - 7/26 08:31:49
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