But funding of public pensions has been woefully short of what's needed to make good on those promises. The shortfalls are "off balance sheet" liabilities that run into the trillions of dollars.
Here's the bad news as reported by Professors Robert Novy-Marx (University of Rochester) and Joshua Rauh (Northwestern's Kellogg School of Management):
* Unfunded liabilities for public pensions run by the 50 states total $3.23 trillion -- $21,500 per household.
* Underfunded pensions for municipal and local government employees add another $574 billion of hidden debt -- $14,000 per household.
The data from federal sources is also grim:
* Unfunded US military-retirement obligations now amount to $30,000 per household.
* Unfunded federal civilian-employee pension obligations represent another $16,000 per household.
That means every US household (including the half that normally pay no taxes) would have to kick in $81,500 today to enable federal, state and local governments to meet just their cur rent pension commitments.
December 21st, 2010
be wary of how often the word help is just a nice way of saying control. I think there's no more applicable place than in the world of anti-sex worker activists. Sure, the line is, "We want to help women escape the sex industry", but what's really being said (and done) is, "We want to control other people's choices about their own bodies and dictate politically correct employment options to people whose complex situations we don't care to understand."
Via Dan Lyke.
From my grandparents' flowery explanation and frequent use of the word "miracle," I went in expecting to be blown away by the production. Unfortunately, the church moms and the pathetic excuses for actors that they called their offspring failed to bring the characters to life in the way I had hoped. And the story just seemed to center around everyone being really impressed with Jesus and there wasn't much suspense and not a single battle scene.
Everything I want to do is illegal. As if a highly bureaucratic regulatory system was not already in place, 9/11 fueled renewed acceleration to eliminate freedom from the countryside. Every time a letter arrives in the mail from a federal or state agriculture department my heart jumps like I just got sent to the principal’s office.