Posted on 03/15/2009 7:29:50 PM PDT by Vince Ferrer
The Teacher Retirement System of Texas has sustained investment losses that were billions of dollars more than expected, according to a newly released valuation.
On Friday, state lawmakers were soberly assessing the report, which showed that the pension's unfunded liabilities have more than tripled in six months, to $40.4 billion from $11.5 billion. That shortfall will eventually have to be made up, or in the long term the pension won't be able to meet its obligations to all its members.
(Excerpt) Read more at star-telegram.com ...
I have always suspected that the push for HillaryCare is not about getting better care, but through lowering the cost of care through rationing care to the sick.
The game is just about over.
Oh no! How will they afford to listen to 12 hours of NPR each day? /sarc
aig
Don’t believe them when they say it was “worse then expected.”
The people who run the pension plan have probably been lying. Or, at least, “avoiding the truth.”
Here is CA, Calpers, which is the retirement fund for State employees, is seriously in the hole. However, Calpers hasn’t divulged just how bad it really is. I expect they too, will come out with a “gee, it’s worse than we thought” report.
Yikes, I think that might affect me.
Teachers do not understand that the state gets the money from taxpayers?
The state? WTF
Obama’s people are already saying that rationing healthcare for people over 50 is on the table.
If you know any oldsters or babyboomers who voted for O you can tell them they ****ed their retirement for good by voting for O.
Just look at the stock market during the LBJ and Carter years - decades of nothing but flat and negative returns. Same polocies but it will be even worse under O. The strong market from 1980 to 2000 was all Reagan’s lower taxes, regulation, deregulation of energy markets etc.
Many pension funds bought mortgage backed securities that are now worth pennies on the dollar. So, retirees lose their own equity in their homes, and their pension fund drains away.
Hell, they ain’t the only ones.
Let the Search for the Guilty and the Punishment of Innocent begin !
The fat lady's been singing in Vallejo, CA for at least a year...
Bookmark
They could have done just as well with Bernie Madoff.
Except for the scumbag politicians.
ping
>> Jockey for position to get in oboma’s pie line! hurry!
How long do you thing it’ll be before they start the drumbeat for a TX income tax. “We don’t want to do it but we’re in an emergency situation here yadda yadda...”
especially with rino Strauss as House Speaker.
Hide and watch (and cover your wallet).
I agree. that 2 decade economic boom was Reagan’s. Bubba rode it all the way.
If I remember correctly, here in Arizona we had a tax increase a few years ago because the Teacher’s Retirement fund was not doing as well as expected. When that happens, apparently the property owners have to make up the difference.
My question at the time was - so what, my 401K is not doing as well as expected either - who is going to make up that difference?
I actually remembered this a few weeks ago and dread the next property tax bill.
Maybe the good citizens will say ‘Enough is enough’ and put an end to this nonsense. If teachers can ride the highs, they should also ride the lows. It sucks for everyone.
Psssssssttttt...wannabuysomelandincaulifawnia...
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