The $424,500 EACH AND EVERYONE OF US OWES for someone’s underfunded public pension is on top of ALL the other taxes we already owe. Have you made your 2012 New Years resolutions yet? Don’t forget to resolve to be fighting mad at what your Government, your elected and unelected bureaucrats, have done to you and your family. Do something about it at election time.
Here is a New Year’s resolution every American private sector worker must keep no matter what: Write a check for $14,150 Jan. 1 to make up for state and municipal pension shortfalls. Prepare to write one every year for 30 years. This is on top of all other taxes and fees governments at all levels gouge from us.
Taxpayers – through governments and public workers – pumped $25 billion into the top 100 pension funds in three months ending Sept. 30, according to the latest report. Those fund’s managers paid out $52 billion and lost$199 billion in market value. How deep into the fiscal abyss do they have to plunge us before somebody wakes up?Even if by some miracle fund managers can meet promised average earnings to pay benefits through 2036 — which would require an average annual risk-free return of almost 10 percent — somebody must come up with an additional $45 trillion for all state and municipal pension funds in between to pay promised benefits.That’s about $1.5 trillion a year — one and a half times greater than the entire U.S. Defense budget — to provide absolutely no public services. No police on the streets, teachers in classrooms, sanitation workers picking up our trash. No public buildings repaired or built, no food for the hungry or shelter for the homeless, no health care for the indigent — no anything.
We all talk endlessly about the national debt, but this problem is bigger than the national debt with the bill for every single American now hitting $424,500….But the problem is being hidden from the taxpayers through accounting gimmicks.