"Unfunded public pension obligations represent the largest liability for state and local governments in the United States," Giesecke and Rauh point out. To give you some perspective, a $6 trillion pension fund deficit is twice the value of all the money that state and local governments owe on their municipal bonds. It is about 170% of their total annual revenues. And it is 10 times the amount they took in last year from personal (non-corporate) taxes.
More garbage reporting. Expressing the problem as 26 million pensioners vs 300 million taxpayers is an attempt to make this a collective problem. Residents in NY are on the hook for NY state pensions; residents of NYC are on the hook for NYC local pensions. Residents of Indiana aren’t on the hook for either one of them, no matter how hard defined benefit pension supporters try to blur the distinctions between “promised to” and “promised by”.
Poor Taxpayer
3 years ago
Government always lies to the taxpayers.
Taxpayers were put on earth to be lied to and cheated.
Shut up and pay your taxes.
Stewie the Roof Baby
3 years ago
Don’t worry, the fat man is going to be elected president and shower Illinois with money
Where is the article? I want to read it. -Dick at dick@dickhaasmail.com
More garbage reporting. Expressing the problem as 26 million pensioners vs 300 million taxpayers is an attempt to make this a collective problem. Residents in NY are on the hook for NY state pensions; residents of NYC are on the hook for NYC local pensions. Residents of Indiana aren’t on the hook for either one of them, no matter how hard defined benefit pension supporters try to blur the distinctions between “promised to” and “promised by”.
Government always lies to the taxpayers.
Taxpayers were put on earth to be lied to and cheated.
Shut up and pay your taxes.
Don’t worry, the fat man is going to be elected president and shower Illinois with money
https://www.morningstar.com/news/marketwatch/202211091285/heres-why-you-should-be-worried-about-state-and-local-pensions
Where’s the beef? (article)