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[nimblebear]

My own state, is $ 128 billion in the hole, and $82 billion of it is for pension liabilities. And spend is at a run rate of $126B, and annual rev's clock in at $96B, with little to zero efforts to try to close the annual gap let alone the debt hole. (oh and this is after a 66% income tax increase last year.) them controlled, and they just kept increasing spend. it was a new windfall, yet state suppliers are still owed more than 2 years of back compensation for services long ago rendered for the state, or even longer in most cases. (How those businesses have stayed solvent is beyond my little brain to comprehend)

http://charleshughsm...le-will-go.html

Its not that pensions of $120k per year or even $60k per year are absurd. Heck, I'd love to have that. Its just the math to support those kinds of payouts with bond yields alone (being held per Bernanke at a near permanent and indefinite level of a meager couple a percent) you cannot possibly make the math work, unless you burden every citizen such that they wont have a retirement at all, let alone some form of a guaranteed stipend. Private businesses went away en masse from pensions starting in the 80's, and have been doing so ever since. Somehow states, and cities, and government employees have magically escaped the reality that is for every other American who is not a public servant of some sort.