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Keyword: unfundedliabilities

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  • $205 Trillion in Unfunded Liabilities

    02/13/2014 8:13:12 AM PST · by Rusty0604 · 29 replies
    Daily Reckoning ^ | 02/12/2014 | Gary North
    The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress. There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion. The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books...
  • Public workers haul in millions in pensions, study finds (WI)

    07/11/2013 5:48:52 AM PDT · by afraidfortherepublic · 11 replies
    The Wisconsin Reporter ^ | 7-11-13 | M. D. Kittle
    MILWAUKEE – Tom Barrett presides over a $1.42 billion budget and a “company” with some 8,300 employees, but with all that responsibility the Milwaukee mayor only ranks seventh on the list of top paid city employees with $145,635 annual earnings. Perhaps more striking, his estimated $2.86 million lifetime pension also ranks seventh among his Milwaukee peers, according to a new report by Taxpayers United of America. Those figures demonstrate how the public pension system is simply unsustainable, say members of that group. BIG MONEY: Milwaukee Mayor Tom Barrett stands to collect millions in from his public retirement pension. TUA estimates...
  • It's Come to This: GOP Rep Introduces Bill to Block Trillion Dollar Coin Scheme

    01/08/2013 4:42:05 PM PST · by Kaslin · 43 replies
    Townhall.com ^ | January 8, 2013 | Guy Benson
    I humbly proffer the ultimate companion piece to this morning's item, which quoted the President Obama expressing his irritation over John Boehner's incessant carping about some "government spending problem" the president is convinced doesn't really exist.  Ladies and gentlemen, it has indeed come to this:   Lawmakers are still positioning themselves for a debt ceiling fight in a few months, but one Republican congressman wants to snuff out a particular idea immediately: the U.S. Treasury minting $1 trillion platinum coins to avert a debt ceiling showdown. Rep. Greg Walden (R-Ore.) has introduced a bill to specifically ban President Barack Obama...
  • Mort Zuckerman: Brace For an Avalanche of Unfunded Debt

    12/30/2012 11:15:00 PM PST · by neverdem · 53 replies
    U.S. News & World Report ^ | December 28, 2012 | MORTIMER B. ZUCKERMAN
    The fiscal cliff isn't as scary as the looming deficit and debt crisis about to swamp the country All eyes have been on the clear and present danger of the fiscal cliff—understandably—but there's a sound in the mountain range that's even scarier than the cliff. It's the sound made by an avalanche, the trillions of dollars of debt that's heading our way, gathering speed and mass. For most people, it's out of earshot now, and that's the way our government prefers to play it in its financial statements. Liabilities are not set out there in accordance with the well-established norms...
  • Oh, About Those Unfunded Liabilities

    11/27/2012 11:35:39 AM PST · by SatinDoll · 11 replies
    Market Ticker ^ | Nov. 27, 2012 | Karl Deninger
    In the duh department we have this: * * * * * * * * * * * The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure. * * * * * * * * * * * Did you get that?...
  • Fiscal Cliff: Liability for unfunded liabilities equals $1,058,193 per taxpayer!

    11/05/2012 9:42:10 AM PST · by whitedog57 · 15 replies
    Confounded Interest ^ | 11/05/2012 | Anthony B. Sanders
    From the U.S. to Germany and even Japan, where the bond market is twice the size of the economy, investors can’t get enough government securities even though rising debt loads are blamed for curbing global growth. This comes as hourly wage income in the US slowed dramatically after January 31, 2009. To counter the economic malaise, benchmark interest rates are close to zero in the U.S. and Japan and are a record low 0.75 percent in Europe. Investors remain jittery about economic prospects in the US, Europe and Japan. And the mode of US Treasury debt comes due in 2013....
  • The federal Titanic is sinking ( Oklahoma )

    10/18/2012 9:13:21 AM PDT · by george76 · 35 replies
    Oklahoma Gazette ^ | October 17th, 2012 | State Rep. T.W. Shannon
    Because of an accounting gimmick where governments pretend future liabilities don’t exist and, therefore, don’t account for them, most Americans don’t know how big the problem really is. The amount typically reported, nearly $16 trillion, is actually only the surface of our debt... America’s total debt — when accounting for unfunded future liabilities in Medicaid, Medicare and Social Security and state and local bond debt — exceeds $130 trillion. Take a moment for that to sink in: $130 trillion. Today, more than 40 percent of our annual state budget comes from an obviously broke federal government, yet some opinion leaders...
  • U.S. munis face $2 trillion in unfunded pension costs

    07/03/2012 8:28:55 AM PDT · by DeaconBenjamin · 6 replies
    REUTERS ^ | Mon Jul 2, 2012 7:03pm EDT | By Joan Gralla
    U.S. states and localities have more than $2 trillion of unfunded pension liabilities, Moody's Investors Service said on Monday, citing data on plans offered by 8,500 local governments and over 14,000 individual entities. The total liabilities for fiscal 2010 were more than three times the amount reported by local governments. "Pension liabilities are widely acknowledged to be understated," Moody's Managing Director Timothy Blake said. Most state fiscal years end on June 30. The rising cost of public pensions has strained finances for cities around the country. Stockton, California, which last week became the biggest U.S. city to file for Chapter...
  • Are Democrats in Sacramento off the hook on pension reform?

    02/09/2012 9:48:05 PM PST · by SmithL · 4 replies
    Oakland Tribune ^ | 2/9/12 | Steven Harmon, Bay Area News Group
    SACRAMENTO -- The decision by a conservative group to drop its pension reform initiatives could mean that Democrats are off the hook for making substantial changes to California's pension system. California Pension Reform suspended its campaign Wednesday after failing to muster any financial backing for either of its two proposed ballot measures, blaming the attorney general's office for a "misleading" title and summary that the group said would have turned voters against them. It's a blow to Republicans, who have long maintained that unfunded liabilities -- at least $75 billion -- are unsustainable and will continue to weigh down the...
  • The Federal Balance Sheet Understates Our Problem

    y DAVID M. WALKER, The Fiscal Times December 30, 2011 In Washington, if you want to make something public while minimizing press attention, you should release it on a Friday. The current Administration topped that by issuing the consolidated financial statements of the U.S. Government, which included the Government Accountability Office's (GAO) related independent audit report on the Friday before Christmas when the public was focused on the holiday season and key policymakers were either headed out of town or already gone. The report was simply posted on the Internet and provided to the press on request and without any...
  • What's the Real National Debt? $211,000,000,000,000

    08/08/2011 11:36:18 AM PDT · by SeekAndFind · 8 replies
    Christian Post ^ | 08/08/2011 | Napp Nazworth
    The national debt is at $14.5 trillion, but the real debt is the $211 trillion in unfunded liabilities. The national debt is the United States' current outstanding debt obligations. Though the current debt is quite high, discussion of the current debt avoids the real issue that Standard & Poor's attempted to raise with its downgrade of the nation's credit rating. The current level of debt is large, but manageable. The levels of future debt are where the real problem lies and where policy solutions need to be addressed. The U.S. government has made promises that it will be unable to...
  • Dan Walters: Pension fund bombshell could worsen budget woes

    06/20/2010 2:47:40 PM PDT · by SmithL · 18 replies
    Sacramento Bee ^ | 6/20/10 | Dan Walters
    California's fiscal pickle – state and local budgets that are many billions of dollars out of balance – may have just gotten worse by hundreds of billions of dollars. The Governmental Accounting Standards Board has dropped a bombshell with preliminary new rules that, if adopted, would force governments to increase projections of pension liabilities by using tighter "discount rates" – effectively, lower assumptions of pension fund earnings. The huge California Public Employees' Retirement System, the California State Teachers' Retirement System, the University of California Retirement System and dozens of locally managed pension funds would no longer be able to minimize...
  • AP Source: Report on Social Security delayed

    04/05/2010 1:10:53 PM PDT · by Cheap_Hessian · 35 replies · 1,271+ views
    Google News (AP) ^ | April 5, 2010 | Martin Crutsinger
    WASHINGTON — The Obama administration is delaying release of the annual report on the financial health of Social Security and Medicare so that the new report can reflect the impact of the recently passed health care overhaul. An administration official told The Associated Press that this year's trustees report will be delayed until June 30, three months later than it usually comes out. The official, who spoke on condition of anonymity before the formal announcement, said that the delay will allow the government to determine the impact of the massive overhaul of health care that President Barack Obama just signed...
  • Social Security readies for onslaught

    01/07/2009 11:35:02 AM PST · by rabscuttle385 · 30 replies · 1,401+ views
    New online program can replace trip to a field office WASHINGTON — The Social Security Administration, envisioning the near-future prospect of 10,000 baby boomers applying for benefits every day, has put together a new online service that will allow people to get their benefits without ever traveling to a Social Security field office. The agency, in introducing the program Tuesday, said most people will be able to apply for their retirement or disability benefits in 15 minutes or less.
  • CA: Reckoning delayed - Governor ducks unfunded liabilities crisis (a ticking time bomb)

    01/22/2007 9:58:08 AM PST · by NormsRevenge · 10 replies · 457+ views
    San Diego Union - Tribune | 1/22/07 | Editorial
    Barring some cataclysmic natural disaster or terrorist act, the biggest crisis of the next few years on the local and state government front is likely to be the fallout from new accounting rules ordered by an obscure agency, the Governmental Accounting Standards Board (GASB). They mandate that public agencies calculate and reveal their long-term unfunded liabilities for pension and health-care benefits owed to retired employees. When these reports are finally released, they will amount to a day of reckoning for literally thousands of school districts, cities, counties and dozens of states that have recklessly bestowed unfunded lifetime benefits on public...
  • Governments face big bills for promises (Public employees health care retirement benefits)

    09/25/2006 9:33:14 AM PDT · by NormsRevenge · 9 replies · 518+ views
    ap on LA Daily News ^ | 9/25/06 | Bob Porterfield - ap
    SAN FRANCISCO - The bill is coming due for years of generous benefits bestowed upon state, county, city and school employees, and it's a stunner: hundreds of billions of dollars over the next three decades, threatening some local governments with bankruptcy and all but guaranteeing cuts in education, public safety and other services. This staggering burden is coming to light because of new rules issued by the Government Accounting Standards Board. They require public agencies to disclose the future cost of health care and other benefits - such as dental, vision and life insurance - promised in addition to traditional...
  • US social security: funding the ownership society

    05/18/2005 7:01:51 AM PDT · by Brian Allen · 7 replies · 297+ views
    BrookesNews.Com ^ | Monday May 16 2005 | Dick McDonald
    BrookesNews.Com Headline: United Airlines says it can't pay $9.8 Billion in Pensions. Yet they have an infinitesimal problem compared to the Congress of the United States. Congress has an unfunded $11 Trillion Social Security "pension" they haven't either put in the bank or recorded on the people's books. The pilots and stewardesses think they have a problem. Wow, they have no idea what a problem really is. Yet our MSM, the Democrats, the liberal elite, Democrat Congressmen all proclaim "Hey, no problem, No hurry, we can obstruct Republicans" until the unrecorded liability is $25 Trillion (and we have to cancel...