Tag Archive: Unfunded Liabilities


EXography: Unfunded Public Employee Pensions Drive State Debts Skyward

 

 

 

State Debt

 

Click Image To Go To Interactive Graphic And See How Much Your State Is In The Red





State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.

  Calculated on a per capita basis, the $5.1 trillion represents an obligation of $16,178 for every state resident in the country, according to State Budget Solutions’ fourth annual State Debt Report.

  State Budget Solutions is a 501(c)(3) educational foundation that focuses on state spending and budget issues.

  The $5.1 trillion has accumulated despite various forms of balanced-budget requirements and spending limitations on the books in most states.”

 

 

This should be no surprise to any thinking individual …

 

” Viewed in terms of total debt, big states dominate the top 10, with California being in the worst shape at $778 billion. Most of the Golden State’s total is accounted for by public pension liabilities at $584 billion.

  Given the prominence of unfunded public employee pension liabilities in state debt, the role of unions representing government workers is an important factor.

  Nearly 36 percent of all government employees in America are members of unions, according to the Bureau of Labor Statistics, but the situation varies greatly from one state to another.

  According to federal Current Population Survey data compiled by unionstats.com, 59 percent of all state and local public employees are members of unions in California.

  But New York, which ranks second on total debt, has a far higher portion of its public employees in unions, at 71 percent.”

 

 

 

 

 

 

 

The Heritage Foundation

 

    Total US Government unfunded liabilities are estimated to be between $195 Trillion as stated above and $238 Trillion , not including another unfunded liability of $4 Trillion that belongs to the individual states .

 

 

 

 

 

 

 

 

RightChange

Uploaded on Jul 31, 2011

” At the end of the day it’s our Kids and their kids who are going to have to pay off the Washington Spending Spree. Think about it! Washington is getting ready to add a couple of more Trillion to the National Debt with the debt ceiling and all the cuts they talk about will still make the Debt over 20 Trillion Dollars within 10 years. And yes that does not include the unfunded liabilities. America needs leadership not games. Call Washington and tell them it’s time to stop spending our future.”

 

 

 

 

 

 

 

 

 

Detroit not alone under mountain of long-term debt

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” Detroit may be alone among the nation’s biggest cities in terms of filing for bankruptcy, but it is far from the only city being crushed by a roiling mountain of long-term debt.

  At the heart of Detroit’s problem is a growing unfunded debt on benefits owed to current and future retirees — some $3.5 billion, according to its emergency manager, Kevyn Orr — which mirrors a circumstance being seen across the U.S.

  From Baltimore to Los Angeles, and many points in between, municipalities are increasingly confronted with how to pay for these massive promises. The Pew Center for the States, in Washington, estimated states’ public pension plans across the U.S. were underfunded by a whopping $1.4 trillion in 2010.”


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Stockton Bankruptcy Can Move Forward, Judge Rules

 

 

 

” In late June, Stockton became the nation’s largest city to fail financially. At that time, all eyes were on the port city of 300,000 as experts warned the action could set off a string of similar filings among cash-strapped municipalities. Since then, a half-dozen cities have filed for Chapter 9 protection under the U.S. Bankruptcy Code, including the city of San Bernardino.

During the 90-day mediation period, Stockton’s creditors refused to negotiate unless the city cut payments to the state pension plan, CalPERS.

By law, the negotiations were confidential, but that detail emerged during the three-day trial that concluded last week.”

 

 

The Floodgates Are Open 

 

 

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Unfathomable

RE-ELECT NO ONE !

 ” The federal government faces unfunded liabilities totalling $84 trillion, with more than $30.3 trillion owed to public debt holders, federal employees and current retirees in the form of Social Security and Medicaid benefits, according to a recent report by the nonpartisan National Center for Policy Analysis.

“Overall, the fiscal imbalance is equal to 5.7 percent of the present value of all future GDP, which translates into about 31 percent of the long run federal revenue estimate,” the report states. “Thus federal revenues would have to rise immediately and permanently to 24.1 percent of GDP to cover the fiscal imbalance.” “

 

We here at YouViewed are speechless .