State pensions...UNDERFUNDED BY $1.4 TRILLION

[wgadget]

Let the games begin.

http://finance.yahoo.com/news/1-4-trillion-pension-fights-foreshadowed-ri-090348936.html

[tod evans]

Well how about firing the current crop of police/prosecutors and jailers....Maybe then states could meet their obligations.

[tangent4ronpaul]

This isn't new, but it's a bit different from what's happened here. At the end of the last state legislature the very last thing they did was steal half of the teachers pension fund and all of the "save the bay" fund. By steal, I mean exactly what Congress has done with social security. They transfer it to the states general fund and leave a cute little IOU that will never be paid back. "save the bay" is a voluntary donation thing where you donate extra to get a prettier license plate and it's supposed to be used for environmental cleanup, but instead it now goes directly into the states general fund. They don't tell people this.

It's my understanding that the feds are trying to do this (or already have) for all federal pensions and that all of our 401(k)s are planned to be stolen next. Mine is earning a fraction of a cent on the dollar so basically loosing value to inflation but they charge you HUGE penalties it fou take it out early, so it's a loose/loose situation.

Another thing the state does that really pisses me off is have all these referendums on the ballot every election, describing all this nice stuff they want to do by selling bonds. What people don't seem to get is that it's borrowing money to pay for UN-necessary stuff that has to be payed back with interest. When they pay that back, they end up even farther in the hole for the next budget, so they don't pay for some more stuff and create another referendum to borrow more money and the cycle continues. The State gvmt is overgrowing it's petri dish, just as the federal gvmt is and it's simply unsustainable.

-t

[AZJoe]

http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/10/06/2017.10.06%20-%20KY%201.JPG

Kentucky (http://www.zerohedge.com/news/2017-10-06/one-chart-explains-what-bernie-madoff-and-kentucky-public-pensions-have-common)