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You owe more money than you thought you did.
Posted on: December 9, 2016 at 08:29:43 CT
GA Tiger MU
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And this is just from the states. See why I wanted total collapse? Thats the only way to escape this.
Unaccountable and Unaffordable 2016: Unfunded Public Pension Liabilities Near $5.6 Trillion
State public pension plans are now underfunded by nearly $5.6 trillion – an increase of almost $900 billion from State Budget Solutions’ (SBS) last comprehensive report in 2014. When state pension funds are examined through the lens of a more realistic valuation, pension funding gaps are revealed to be much larger than reported in official state financial documents. This report totals state-administered plans’ assets and liabilities and finds nationwide total unfunded liabilities to be $5.59 trillion. The nationwide funding level is a mere 35 percent, which is one percentage point lower than two years ago. Combined across all states, the price tag for unfunded pension liabilities is now $17,427 for every man, woman and child in the United States.
The only way to solve this growing problem is for states to enact meaningful pension reform. While some might feel that America’s public pension crisis only threatens current workers and retirees, it is in fact a problem that affects everyone. Taxpayers are on the hook for the legal obligation to cover the promised benefits of traditional, defined-benefit pension plans. Additionally, every dollar that is spent filling the gap in public pensions is a dollar taken away from core government services. This forces legislators to make the difficult decision of leaving their citizens with fewer services or enacting economically damaging tax increases.
Article and charts:
https://www.alec.org/publication/pensiondebt2016./
Unaccountable and Unaffordable 2016: Unfunded Public Pension Liabilities Near $5.6 Trillion
State public pension plans are now underfunded by nearly $5.6 trillion – an increase of almost $900 billion from State Budget Solutions’ (SBS) last comprehensive report in 2014. When state pension funds are examined through the lens of a more realistic valuation, pension funding gaps are revealed to be much larger than reported in official state financial documents. This report totals state-administered plans’ assets and liabilities and finds nationwide total unfunded liabilities to be $5.59 trillion. The nationwide funding level is a mere 35 percent, which is one percentage point lower than two years ago. Combined across all states, the price tag for unfunded pension liabilities is now $17,427 for every man, woman and child in the United States.
The only way to solve this growing problem is for states to enact meaningful pension reform. While some might feel that America’s public pension crisis only threatens current workers and retirees, it is in fact a problem that affects everyone. Taxpayers are on the hook for the legal obligation to cover the promised benefits of traditional, defined-benefit pension plans. Additionally, every dollar that is spent filling the gap in public pensions is a dollar taken away from core government services. This forces legislators to make the difficult decision of leaving their citizens with fewer services or enacting economically damaging tax increases.
Article and charts:
https://www.alec.org/publication/pensiondebt2016./
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You owe more money than you thought you did. - GA Tiger MU - 12/9 08:29:43
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