State and local governments have caught bailout fever and are asking taxpayers to clean up their messes, and with trillions in underfunded public pensions, the messes are colossal, say observers... [snip]
- Analysts at the National Bureau of Economic Research have found that state pensions alone are expected to grow to about $7.9 trillion in 2005 dollars over the next 15 years.
- There's a 50 percent chance, they say, that the pensions will be underfunded by $750 billion by that time ...
To put this in perspective, consider that the NBER report says that underfunding in state pension plans is larger than the total magnitude of outstanding state bonds.
So who is going to be responsible for the debt run up by reckless elected officials eager to provide luxury -- and often outrageously early -- retirements for civil servants?
Primarily the next generation's taxpayers, who will reap few if any benefits from services they'll be forced to pay for, as well as those who are not yet paying serious taxes but one day will be.
[I.e., allowing our tax payer funded public servants to unionize was and remains insane - it needs be undone, or probably you and certainly your children will be bankrupted by them and the actions of the politicians they own]
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