Skip to comments.States see pension crisis looming despite cuts
Posted on 09/23/2012 3:13:20 PM PDT by redreno
Almost every state in the U.S. has made cuts to its public-employee pensions, seeking to dig out from the economic downturn, but so far the measures have fallen well short of bridging a nearly $1 trillion funding gap.
Since 2009, 45 states have rolled back pension benefits for teachers, police, firefighters and other public workers, including cuts by Michigan and California this month. Next week, Republican Ohio Gov. John Kasich is expected to sign legislation requiring, for example, that certain teachers work longer and pay more toward their pensions.
(Excerpt) Read more at foxnews.com ...
What's a trillion dollars when the fed's tote a 16 trillion dollar debt?
We are so desensitized by Washington's addiction to spending that most don't even shrug at the idea of a trillion dollar debt any more.
Those “cuts” are decades and decades into the future if they exist at all
Federal funding to local governments will have been cut enough, when each and every one of us regularly sees more manufacturing shops (i.e., all over our country). In other words...long after a whole lot of NIMBY socialist regulations have been abolished or ignored.
Teachers don’t feel this is a problem, because often they have legally obligated the states to make up for whatever shortfall their pension funds have. Which means gigantic tax hikes for everyone.
Fox lifted this story right off the top headline - Wall Street Journal (9-22-12)front page. That’s good. A lot of people at the Journal made that job easy for re-write folks at Fox.
I can predict 80% of the ‘stack of stuff’ that Rush will use every day. It’s usually in the WSJ. I’ve subscribed for many years. The Journal does the hard and expensive job of reporting! As they have hired more “kids” that went to modern J schools, the news writing leans more to the Left but the Opinion/Editorial can’t be beat for this onservative. So, I subscribe to support it and because I don’t trust sound-bites and I want it to survive! It’s fun to leave my copy on the LA Times newspaper box. Check out their deals for new subscribers. And trust me - online reading does not measure up to paper - I’ve tested that.
one solution for NYS is at the minimumm, make them pay state tax and make them have to keep their residence in NYS...
hey, they want to feed at the public trough, let them live in it....
” including cuts by Michigan and California this month.”
HS! California didn’t do squat for our huge pension deficit. The new law will make a difference thirty years from now, long after Jerry the Fairy is pushing daisies!
There will be a major problem in Florida if the pension-contribution plan started in JUL 2011 is overturned
In Florida, they started a 3% contribution made by employees to their retirement system....instead that money is going to the general fund...not to the retirement system. In Florida, it is unconstitutional (State Const) to have an income tax...and this what it turned out to be. That money will have to be made up by the taxpayers
Just a lot of bad government going after bad government.
Federal funding to local governments will have been cut enough,
When state budgets do not include what comes back to them with federal strings, or massive criminal blackmail associated.
Frankly Scarlett I will be pleased when states become the pass through for federal income tax receipts, taking their share without genuflecting to govt for the privilege of receiving from the government that which rightfully belongs to the state. No state should have to suffer the handout mentality of the present system. The states should establish a percentage the federal government should have to meet the enumerated constitutional duties, and no more.
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