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Wait... you mean to tell me that two of our most conservative regions are also the worst? And here I thought only liberals were to blame for everything that's wrong with our country and state.
Surely that figure does not factor in assets? That's a straight balance sheet number - right?
I hate to break it to you but yes, that does factor in assets.
The vast majority is unfunded liabilities relating to pension and health care for public workers.
See, if you work for say....Exxon, GE or any company and they promise you a pension, each year they actually have to put money into a walled-off fund to eventually pay that cost.
If you work for the govt. they put aside....ZERO. They just pay benefits out as they come due and do not accrue for them.
Illinois has actually discussed CUTTING or greatly reducing their public pension because they are out of money and nobody wants to lend them more so something has got to give.
In short, if you are expecting a full public pension in the future....don't.
I hate to break it to you but yes, that does factor in assets.
The vast majority is unfunded liabilities relating to pension and health care for public workers.
See, if you work for say....Exxon, GE or any company and they promise you a pension, each year they actually have to put money into a walled-off fund to eventually pay that cost.
If you work for the govt. they put aside....ZERO. They just pay benefits out as they come due and do not accrue for them.
Illinois has actually discussed CUTTING or greatly reducing their public pension because they are out of money and nobody wants to lend them more so something has got to give.
In short, if you are expecting a full public pension in the future....don't.
Where I work the government even forces them to send us a notification on how much they put aside every year to cover pensions.
Governments are big on requiring others to do what they refuse to do themselves.
I hate to break it to you but yes, that does factor in assets.
The vast majority is unfunded liabilities relating to pension and health care for public workers.
See, if you work for say....Exxon, GE or any company and they promise you a pension, each year they actually have to put money into a walled-off fund to eventually pay that cost.
If you work for the govt. they put aside....ZERO. They just pay benefits out as they come due and do not accrue for them.
Illinois has actually discussed CUTTING or greatly reducing their public pension because they are out of money and nobody wants to lend them more so something has got to give.
In short, if you are expecting a full public pension in the future....don't.
Lets get real here. This BK filing here is really like what happened in Cyprus.
Why? The vast majority who invest in mini bonds do it for the state and tax exempt status.
That's how the super rich manage to pay a very low percentage in overall federal taxes.
Jerry Kerry wife paid less than 10% of her income in federal taxes even after making 6 million. I am willing to be most of that income was from "safe" muni bonds many cities issue.
It's a master plan by Obama to support letting cities file for BK and screw the bond holders while protecting the pensions and health care of public employees who in turn will vote Democratic again.
Now if you sort by the column "state debt" you will quickly see that most of the northeastern US is in a vastly deeper hole. Massachussets, CT, NJ, VT, NH etc etc.
Massachussets has a GDP of 378Billion but a state debt of around 70Billion.
To put it another way, Imagine you have a friend that makes 190k a year and has 12k in credit card debt....and a friend that makes 38k a year and has 7k in credit card debt. Yeah, CA is in nowhere near as rough shape as Massachussetts and some of the others.
Lets get real here. This BK filing here is really like what happened in Cyprus.
Why? The vast majority who invest in mini bonds do it for the state and tax exempt status.
That's how the super rich manage to pay a very low percentage in overall federal taxes.
Jerry Kerry wife paid less than 10% of her income in federal taxes even after making 6 million. I am willing to be most of that income was from "safe" muni bonds many cities issue.
It's a master plan by Obama to support letting cities file for BK and screw the bond holders while protecting the pensions and health care of public employees who in turn will vote Democratic again.
1. Who is Jerry Kerry?
2. I think most of the super rich pay a low percentage because they hold stocks and capital gains are tax deferred and were paying a qualified dividend rate of 15%.
3. Someone making 6mil off investments and donating say 2mil to charity as an offset would only owe 15% of 4mil or 600k at least until the 2013 slightly higher rates kick in. It would be important to know if you are talking gross or net income.
4. Obama has nothing to do with a municipality in CA declaring bankruptcy.
5. Why don't you do some homework and look up who holds most muni bonds and then share the info with us rather than guess and then be outraged at the product of your uninformed guessing?
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