Study: States must fill $1 trillion pension gap

[James]

HARRISBURG, Pa. - States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isn't taken.

The Pew Center on the States released a survey Thursday of state-administered pension plans, retiree health care and other post-employment benefits in all 50 states that blamed a decade's worth of policy decisions for leaving them shortchanged.

The result for some states will be "high annual costs that come with significant unfunded liabilities, lower bond ratings, less money available for services, higher taxes and the specter of worsening problems in the future," the study said.

http://www.msnbc.msn.com/id/35448576/ns/us_news-life

[Soul Crusher]

The game is over. 

[Hereford]

So how far would the 'public sector' go to ensure the 'public sector' get all the union benefits owed to them?

[Soul Crusher]

So how far would the 'public sector' go to ensure the 'public sector' get all the union benefits owed to them?

They will loot, riot, and strike etc. 

They are the biggest spoiled rotten bucnh of good-for-nothings in society. 

[Hereford]

They will loot, riot, and strike etc. 

They are the biggest spoiled rotten bucnh of good-for-nothings in society. 

I was thinking more along the lines of jacking up taxation to whatever was needed to ensure gvt workers get theirs. Here in CA, the people never vote on any new or increased taxes. The state/local gvt just applies whatever it sees fit (ala Gray Davis's tripiling of the auto taxes a few years back, or the state of CA decciding to take out an additional 10% on income payroll taxes last November).

Public employees already get the prevailing wage here, and they are not going to elf-police themselves out of anything, especially a paycheck.

[Soul Crusher]

I was thinking more along the lines of jacking up taxation to whatever was needed to ensure gvt workers get theirs. Here in CA, the people never vote on any new or increased taxes. The state/local gvt just applies whatever it sees fit (ala Gray Davis's tripiling of the auto taxes a few years back, or the state of CA decciding to take out an additional 10% on income payroll taxes last November).

Public employees already get the prevailing wage here, and they are not going to elf-police themselves out of anything, especially a paycheck.

This is why the economy of CA sucks ass.  the public sector employee unions are a plague on society and private sector growth.  I was listeing just last night at the horrible effect cap & trade has had on CA's economy. 

Its awful. 

[Soul Crusher]

Rush discussing this now. 

The game is over, I have no idea why people dont get it yet. 

The government has destroyed the nation on every level.