State pension shortfall ballooned in 2010

Discussion in 'Economy' started by Nova78, Jun 19, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Study: State pension shortfall ballooned in 2010 | US National Headlines | Comcast

    Recession-plagued states diverted scarce money away from pensions to pay for more immediate concerns, leaving a $757 billion hole in the retirement funds covering millions of public employees, according to a study released Monday.The Pew Center on the States found 34 states failed to maintain safe levels of money in the pension funds, which most experts agree is about 80 percent of long-term obligations. Four states — Connecticut, Illinois, Kentucky and Rhode Island — didn't even have 55 percent of the money they'll need in the long run.

    The total gap between the money states had available and what they'll have to pay out in the decades ahead reached $757 billion in 2010, the most recent year for which figures are available. That was up 9 percent from the year before, according to the study entitled "The Widening Gap Update."

    $Barack_Obama_with_Superman.jpg

    $what-change-looks-like.jpg

    How do you make -up 750 billion dollars,some ones going to be f@@ked on retirement day,may-be superman can come to the rescue:badgrin:
     
  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I have a good idea that may solve this problem! Why don't we "recapitalize" the Banks?

    Oh wait, we're already doing that.
     
  3. Euro
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    Euro Senior Member

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    All this pension spending is a drain and a dissaster for many countries. All the burden is put on the youth. Tax advantages that retired people has must be repealed. Then they also pay their fair share of taxes.

    No wonder government are going broke with all this pension spending.
     
  4. KissMy
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    KissMy Free Breast Exam

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    Paving Over Pension Liabilities
     
  5. GodSaveAmerica
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    When it comes to balancing their budget, states have two choices: bust the public unions like Walker did in WI, or go bankrupt. Their choice, no bailouts!
     

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