Eugene David ...The One-Minute Pundit |
|
Tuesday, August 08, 2006
Excellent news:
[B]y one estimate, state and local governments owe their current and future retirees roughly $375 billion more than they have committed to their pension funds. And that may well understate the gap: Barclays Global Investments has calculated that if America’s state pension plans were required to use the same methods as corporations, the total value of the benefits they have promised would grow 22 percent, to $2.5 trillion. Only $1.7 trillion has been set aside to pay those benefits. When will we finally revolt against the kind of clever shell games le-gis-LA-tors play that create messes like this?
|