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$5 Trillion Price Tag for Public Pensions

 
Anonymous Coward
User ID: 19119109
Netherlands
11/08/2012 08:17 PM
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$5 Trillion Price Tag for Public Pensions
As strapped state and local governments scramble for ways to balance their budgets, it's become very clear that it will be impossible for many to honor their pension promises to new employees and even current retirees. According to a recent economic study, the cost to fully fund these promises would cost taxpayers $5 trillion over a 30-year period, or nearly $1,400 a year in higher state and local taxes and fees for every household in the country.

Put another way, contributions to pay for public employees' retirement benefits now total 5.7 percent a year of all state and local taxes, fees, and other government charges. "Government contributions to state and local pension systems must rise to 14.1 percent" to produce fully funded pension systems, the study said, and it will take 30 years to get there.

[link to finance.yahoo.com]
Anonymous Coward
User ID: 7318080
United States
11/08/2012 08:25 PM
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Re: $5 Trillion Price Tag for Public Pensions
Bullshit propaganda.

Double that dumped on the banks in the last 4 years. Plenty for worthless paper. So why not worthless workers?


Austerity. Come on, you know you want to say it.
Evil_Twin
Hellbilly

User ID: 23761243
United States
11/08/2012 08:26 PM

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Re: $5 Trillion Price Tag for Public Pensions
This is why public employee unions should be illegal.
.

Anyone that doesn't love Moms, bacon, and dogs is clearly not human.

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