"Pensions: The stock market boom has helped everyone, right?
Nope.
A new report by the American Legislative Exchange Council (ALEC) shows why this is true.
It notes that the unfunded liabilities of state and local pension plans jumped $433 billion in the last year to more than $6 trillion.
Let that number sink in for a moment: It's one-third the size of the U.S. economy, equal to "a whopping $18,676 for every man, woman, and child, or nearly $50,000 for every household in America," as The Daily Signal notes.
It's a massive amount of money, in short.
All because state officials and politicians never had the gumption to tell public-employee unions "no" when they asked for even more..."
No comments:
Post a Comment