Memo to self - don't let your mouth make a promise that your wallet can't keep
Fun time ahead and of course, the people who negotiated these have moved on...
From the
Financial Times:
States warned of $2,500bn pensions shortfall
US public pensions face a shortfall of $2,500bn that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund.
The severe US economic recession has cast a spotlight on years of fiscal mismanagement, including chronic underfunding of retirement promises.
And this just in:
Pension liabilities are not included in state and local government debt figures.
Smoke and mirrors -- makes me wonder how many more of these little accounting scams there are.
Margaret Thatcher's comment rings loud and true here:
The problem with socialism is that eventually you run out of other people's money."
Posted by DaveH at January 17, 2011 8:02 PM