The election is still more than two weeks away, and already a tremendous amount of evidence has emerged that operatives from both major political parties have been committing election fraud. There have been reports of dead people being registered to vote, of voter registration forms being tossed in the garbage, and of activists purposely helping people get registered to vote in more than one state. We have not had [...]
The state of Illinois faces at least $83 billion in unfunded liability between its five pension systems, and is on track to spend more on its government pensions than on education by 2016, a new study released by Governor Pat Quinn’s office says.
The state budget office conducted the study based on a “district-by-district analysis” if the state does not enact comprehensive pension reform, the governor said in a statement. Governor [...]
SPRINGFIELD, Ill. (AP) — Recession-plagued states diverted scarce money away from pensions to pay for more immediate concerns, leaving a $757 billion hole in the retirement fundscovering millions of public employees, according to a study released Monday.
The Pew Center on the States found 34 states failed to maintain safe levels of money in the pension funds, which most experts agree is about 80 percent of long-term obligations. Four states — Connecticut, Illinois, Kentucky and Rhode [...]
Thinking of taxes and state budget deficits?
Interative map on the NPR link below. Note that funding levels are affected by actuarial growth assumptions, with some states having fund growth rate assumptions that may be overly optimistic in light of the 3E realities.
Special caution states: Illinois and Kansas.
U.S. State Pension Funding Levels (February 18, 2010)
“State pension funding levels vary dramatically in the U.S. Several states have pension plans with high levels of funding or [...]
NEW YORK – New York state must slash the rapidly rising pension burden of schools and local governments, Governor Andrew Cuomo said on Wednesday, unveiling plans for a sixth tier of benefit cuts.
The new tier, which the Democratic governor said would save $93 billion over the next 30 years, would only affect newly hired public workers. New York’s state constitution prevents lawmakers from curbing retirement benefits already granted.
“Reducing the skyrocketing [...]
While a great debate rages in states across the country about benefits and pensions for state workers, existing pensions continue to fall short of their funding needs. State pension deficits increased 26% to $1.26 trillion in 2009, according to the Pew Center.
Here are some other eye-opening stats from the same report:
State retirement systems had 78% of what they needed to pay for promised pensions
Pension plans lost an [...]
The state funds that pay pension and health-care benefits to retired teachers, corrections officers and millions of other public workers faced a cumulative shortfall of at least $1.26 trillion at the end of fiscal 2009, according to a new report.
The study, to be released Tuesday by the Pew Center on the States, found that the pension and health-care funding gap increased by 26 percent over the [...]
by Aaron Task
From Florida to Oregon and almost every state in between, governors this week are proposing huge budget cuts to tackle looming crises at the state level.
“There’s sort of two crises,” at the state level, says James Pethokoukis, columnist at Reuters Breaking Views. “You’d have to have a tremendous boom over the next two years to really take the state fiscal crisis off the [...]
1) National budget deficit for 2011 bigger than thought
“WASHINGTON – The Congressional Budget Office predicted Thursday that the budget deficit for fiscal year 2011 will be $1.066 trillion, revised up from an estimate of $996 billion in March.
The nonpartisan agency’s semiannual budget report is likely to add fuel to the November midterm election debate over reducing the deficit at a time when the nation’s economic recovery [...]
“They’ve done it. Nancy Pelosi and her Democrat minions in the U.S. House — against the will of the American people — have “passed” their radical government-run health care experiment.
I’m absolutely outraged and furious beyond belief at the Congressional Democrats’ craven partisan tactics! Republicans are ready to fight back.”
Chairman, Republican National Committee
“PELOSI’S TRAIL OF CORRUPTION”
“RNC Launches www.FireNancyPelosi.com”
“FireNancyPelosi.com. It was the 3rd most searched term on Google and the RNC [...]