Economists: State, local pension funds understate shortfall by $1.5 trillion or more

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    Mar 04, 2011 2:42 PM GMT
    http://www.washingtonpost.com/wp-dyn/content/article/2011/03/03/AR2011030302918.html

    The pension funds for state and local workers in the United States are understating the amount they will owe workers by $1.5 trillion or more, according to some economists who have studied the issue, meaning that the benefits are much costlier than many governments and taxpayers thought.

    Doubts about government pension accounting have been voiced by analysts for years, but with shortfalls in state and local pension plans exacerbated by the recession, the push to refigure pension fund shortfalls has gained political momentum.

    The trillion-dollar gap arises from the government method of accounting, which several experts say significantly underestimates the cost of future pension payments.
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    Mar 04, 2011 2:48 PM GMT

    But a comprehensive new Wall Street Journal-NBC News poll suggests Republicans significantly overestimated the public’s eagerness to tackle the federal deficit by cutting programs like Medicare, Medicaid, and Social Security.


    Americans Overwhelmingly Support Millionaires Surtax To Tackle Deficit, Reject Cuts To Social Programs


    Only 23 percent think it’s acceptable to, for example, make cuts to Medicare, while 81 percent favor instituting a millionaire’s surtax:


    Here here! icon_biggrin.gif


    monopoly-man.jpg

    John_Boehner_golf_470.jpg


    Thanks for the update riddler78
  • musclmed

    Posts: 3274

    Mar 04, 2011 3:02 PM GMT
    its very funny you display Boehner golfing, but forget Obama has played more golf then anyone.

    Oh, yeah they said the same about GW right.

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    Mar 04, 2011 3:18 PM GMT
    I loled at this statement:

    'The trillion-dollar gap arises from the government method of accounting, which several experts say significantly underestimates the cost of future pension payments.'

    Of course, I forgot the US has only one government. icon_rolleyes.gif