whell
01-18-2011, 01:04 PM
From today's Financial Times:
US public pensions face $2,500bn shortfall
By Nicole Bullock in New York
Published: January 17 2011 22:00 | Last updated: January 17 2011 22:00
"US public pensions face a shortfall of $2,500bn that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund.
The severe US economic recession has cast a spotlight on years of fiscal mismanagement, including chronic underfunding of retirement promises."
Probably no huge surprise here, but this may be the next round of potential Federal bailouts. Do you want to $2.5 trillion dollars in bailouts to the states using Federal dollars? Count me out.
US public pensions face $2,500bn shortfall
By Nicole Bullock in New York
Published: January 17 2011 22:00 | Last updated: January 17 2011 22:00
"US public pensions face a shortfall of $2,500bn that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund.
The severe US economic recession has cast a spotlight on years of fiscal mismanagement, including chronic underfunding of retirement promises."
Probably no huge surprise here, but this may be the next round of potential Federal bailouts. Do you want to $2.5 trillion dollars in bailouts to the states using Federal dollars? Count me out.