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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Thursday, July 19, 2012

U.S. Public-Pension Shortfall $4.6 Trillion, Budget Group Says - Bloomberg

State and local government pension plans are underfunded to the tune of $10,000 for each man, woman and child in the USA. This will have to met by taxes or reduced benefits to those that are promised these benefits.

This is dwarfed by obligations on the Federal level that are by definition underfunded since money is never set aside for these benefits or transfer payments. This underfunding totals around $100,000 for every man, woman and child in the US. And this is just for promised retirement benefits, nothing else such as defense, courts and the such on the national level or police, schools and garbage collection on the local level. Its a mess and these promises will never ever be met. Government has made huge promises that they will never be able to deliver. DO NOT trust the government.

U.S. Public-Pension Shortfall $4.6 Trillion, Budget Group Says - Bloomberg

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