Unfunded Pension Liability Study!
Anthony Pignataro:
This one comes to us from Perry Wong and I-Leng Shen at the Milken Institute in Santa Monica. Founded by convicted felon Michael Milken, the non-profit think tank seeks to “create a more democratic and efficient global economy,” whatever that may be.
Anyway, the study (click here for a pdf) is not for the faint of heart. The money graph is on Page 3:
“According to our crude projections, if no corrective actions are taken, the combined liability of the three major state pension funds will be more than 5.5 times as large as total state tax revenue around 2012-2013. Moreover, the combined liability per each working-age adult in California is projected to more than tripe from $3,000+ in 2009 to over $10,000 in 2014.”
Sigh. Pension liabilities will be five and half times tax revenue in about two years. Forget about saving something like CalWORKS — we’ll all be in federal receivership by that point anyway.
Not convinced? Click here for a pdf of the Stanford study that came out in April predicting that unfunded pension liabilities would cost the state nearly half a trillion dollars.
STILL not convinced? Click here and buy my bosses’ book Plunder! How public employee unions are raiding treasuries, Controlling our lives and bankrupting the nation.
Carry on.
OCT. 19, 2010
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