From Trim Tabs
''Today’s New York Times reported, “The Chicago Teachers’ Pension Fund
has about $10 billion in assets, but is paying out more than $1 billion
in benefits a year, much more than it has been taking in. That has
forced it to sell investments, worth hundreds of millions of dollars a
year, to pay retired teachers. Experts say the fund could collapse
within a few years unless something is done.”
A $1 billion shortfall. And that is just one group of public
employees in one large city. That begs the question of how big is this
problem for the entire United States? That size of the funding gap is
not available anywhere. No one knows. But obviously the annual funding
gap has to be about $500 billion just from state and local governments
alone. And I would not be surprised if the total annual funding gap for
all entitlements including the Federal governments was at least a
trillion dollars.''
Video/Text
No comments:
Post a Comment