States Face a $1 Trillion Shortfall for Retirees - DailyFinance
The shortfall, which will have to be paid over the next 30 years, equals more than $8,800 for every U.S. household.
Governors are now proposing draconian budgets that could cost the economy 900,000 jobs at a time when they are needed most.
Democrats are incensed by Christie's plan, which includes $475 million in cuts to school aid
Where else is it going to come from? We just cant keep asking for things that we cant afford..
This sentence is very telling..
As Pew notes, "New Jersey had a $7.5 billion pension surplus in 2000, but years of failing to meet the actuarially required contribution led to an unfunded liability of $34 billion in 2008."
When the economy was going good, rather than pay their current debts and meet their liability obligations, states increased spending. How does this make any sens?
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