The Pensions That Ate America
Posted: 09-27-2017 09:48 PM
This is a problem not soon to go away. I don't know of any State that does Not have this problem to some degree.
These unsecured Pension" promises in the dark" have the potential to bankrupt every State in the Union. How they where allowed to become such a financial National Monster? I'll leave to those who live to blame. We need a fix and we need it NOW!
One thing I can Guarantee , Nobody is going to be happy.
Six-Figure Pensions For University Of California Teachers Surge 60% Since 2012
Back in January 2017, the University of California system of schools approved their first in-state tuition hike in six years. And while one might hope that the extra millions of dollars raised as a result of those hikes would go toward a better education for students, in reality, a large chuck will go to fund the exorbitant pensions of retired teachers.
As the Los Angeles Times recently pointed out, there are over 5,400 retirees in the UC system drawing over $100,000 per year, a 60% surge since 2012. Moreover, there are nearly 3 dozen former teachers drawing over $300,000 per year.
The Rest of the Story
http://www.zerohedge.com/news/2017-09-2 ... ge-60-2012
Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years
We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 - $84 billion underfunded, depending on which discount rate you feel inclined to use. As we've argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven't a prayer of ever again being made whole.
That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to 'kick the can down the road' on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky's 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state's entire budget over a two-year period.
The Rest of the Story
http://www.zerohedge.com/news/2017-09-2 ... zi-2-years
These unsecured Pension" promises in the dark" have the potential to bankrupt every State in the Union. How they where allowed to become such a financial National Monster? I'll leave to those who live to blame. We need a fix and we need it NOW!
One thing I can Guarantee , Nobody is going to be happy.
Six-Figure Pensions For University Of California Teachers Surge 60% Since 2012
Back in January 2017, the University of California system of schools approved their first in-state tuition hike in six years. And while one might hope that the extra millions of dollars raised as a result of those hikes would go toward a better education for students, in reality, a large chuck will go to fund the exorbitant pensions of retired teachers.
As the Los Angeles Times recently pointed out, there are over 5,400 retirees in the UC system drawing over $100,000 per year, a 60% surge since 2012. Moreover, there are nearly 3 dozen former teachers drawing over $300,000 per year.
The Rest of the Story
http://www.zerohedge.com/news/2017-09-2 ... ge-60-2012
Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years
We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 - $84 billion underfunded, depending on which discount rate you feel inclined to use. As we've argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven't a prayer of ever again being made whole.
That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to 'kick the can down the road' on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky's 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state's entire budget over a two-year period.
The Rest of the Story
http://www.zerohedge.com/news/2017-09-2 ... zi-2-years