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Posted on 01/08/2012 4:57:17 PM PST by WOBBLY BOB
A $409 million tab projected for retiree benefit costs looms for the cash-strapped St. Paul Public Schools.
Some on the school board are urging the district to tackle the liability more aggressively. But officials say there's little they can do to put a dent in the costs, which have bumped up tax bills and diverted money from the classroom.
St. Paul recently started socking away money to help cover the benefits, slated to sunset in 2014. But the investment came later and started out smaller than planned, and recent market turmoil chipped away at it.
"I feel we're throwing a rock in a pond, and we won't fill it any time soon," board member Anne Carroll said.
Because of St. Paul's size and its generous retiree benefits, its projected costs dwarf those of any other Minnesota district. They are almost three times those of Minneapolis, the district with the second-largest liability.
(Excerpt) Read more at twincities.com ...
#5 St. Paul...Unfunded liability: $1.4 billion Unfunded liability per household: $13,686 http://www.businessinsider.com/first-city-pensions-insolvent-2010-12?slop=
How is that so many entities can’t see 20 years down the road when employees begin to retire? That’s like Texas took away $$$ from the teacher’s retirement and never paid it back. Thank you Texas Legislature and thank you Perry. Yes, Perry was there as a legislator when it was stolen and he’s had how many years as governor to put it back.
I hope these democraps starve and have to go live with their kids (what percentage of government employees are democraps? I am guessing it is high from my personal esperiences)
They were WARNED decades ago that a private company would be in jail for doing what the government does- taking money from employees for their retirement and SPENDING IT and then promising to pay out of future revenues
Thats A PONZI SCHEME
.............a majority of Minnesotans, a very liberal state, have elected these fellow liberal morons for decades!
..................now, the chickens come home to roost to quote our moron president also elected by liberal morons............
to sit on these councils and boards should require some qualifications and standards! Starting with, any person so elected shall have a brain!!! 2nd IQ test must yield room temp, preferably better!
to sit on these councils and boards should require some qualifications and standards
They do have standards = low and qualifications = breathing.
.............and still!.........the dumbo’s haven’t figured out that raising taxes to these levels guarantees people voting with their feet, and the resulting death of their tax base! Socialists, communists all! You simply cannot raise this amount of money over this period of time through taxes or any other way!
Bulldozers are bulldozing entire sections of Detroit and everybody’s left but the drug dealers and pimps....I have a friend that just gave up on two large shopping centers on the wrong side of the tracks.........and then moved out! Lives in Texas now! Nobody is paying taxes on those buildings.
St. Paul will be next!
Local governments just copied the feds—Social Security and Medicare are ponzi schemes as well.
States and cities that don’t balance their budgets (with clean audits and no accounting games) should have all their politicians conduct their business from a jail cell until the books are back in balance. If that is a hundred years from now—oh, well.
What’s interesting.....Chicago, ($41,966), Boston ($30,901), and NYC ($38,886) have the MOST unfunded liabilities per household...GEE....Chicago ALWAYS seems to make the top 10 in THESE kind of stats....
All money spent on govrnment school “educators” is “stolen” from taxpayers.
I’ll tell you what, you can have “your” money back when I get my money back that was seized and thrown down the rathole of government schools.
Garrison Keillor and crew.. just as soon as they find out they'll be writing checks paying extra into taxes. They believe in taxing and taxing for government to do great things that greedy conservatives ignore.
No problem.
Cook taxpayers owe $108 billion, county Treasurer Pappas says: Greg Hinz
http://www.chicagobusiness.com/section/blogs?blogID=greg-hinz&plckController=Blog&plckBlogPage=BlogViewPost&uid=1daca073-2eab-468e-9f19-ec177090a35c&plckPostId=Blog:1daca073-2eab-468e-9f19-ec177090a35cPost:73061b12-c71d-45b0-aad9-130e57727e64&plckScript=b
The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas.
Read pensiontsunami.com regularly. It’s a compilation of news reports, mostly local or regional, about pension problems and abuses everywhere. You’ll see what most in private sector are angry about.
http://www.pensiontsunami.com/public.php
Thanks for sending me to that site....under the GOLD Rush article....they interviewed some lady having a hard time...she and her husband were UNION Negotiators!!! Karma?
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