Forum Post: The state pension crisis
Posted 12 years ago on Nov. 11, 2011, 7:56 a.m. EST by TheKing
(93)
This content is user submitted and not an official statement
The largest budget item in New Jersey's budget is state employee pensions. Many states have huge pension funding problems. It's a bomb that will explode soon:
http://money.cnn.com/2011/04/26/news/economy/state_pension_crisis/index.htm
NEW YORK (CNNMoney) -- States are $1.26 trillion in the hole when it comes to their pension and retiree health obligations, according to a report released Tuesday.
And taxpayers are ultimately on the hook for this shortfall, which soared 26% in one year.
This is what happens when corrupt state employee unions get their pals elected and then get to enter into collective bargaining agreements with them once they are in office. This is why FDR didn't thing public employee unions should exist.
Good post! Everything is out of balance, that is to say, the system can no longer stand the strain of corrupt policito-bank relations. They unions, I think are merely there to accelerate the problem.
What is the OWS solution to public employee unions bankrupting state budgets?
Oops... That's exactly why the unions pension should be run by the government... so that sort of thing... oh wait a minute...