[quote=CA renter]
As usual, phaster, you don’t know what you’re talking about. You like throwing shit at the wall to see what will stick, hoping that the readers of your posts won’t actually know anything about the issues. Unfortunately for you, you’ve come to the wrong place. If you have some data to back up that $4.1 trillion in unfunded pension liabilities, I’d sure like to see it. Out here in the real world…
[/quote]
Since I only pop in and post from time to time, I think I don’t throw as much shit around and sees what sticks as you (looking at the frequency of posts)
To answer your question (about the real world) I calculated the figure, awhile ago after reviewing a Harvard University’s John F. Kennedy School of Government working paper titled:
Underfunded Public Pensions
in the United States:
The Size of the Problem, the Obstacles to Reform and the Path Forward
within which there is a graph (fig 4) showing a range of present value calculations
the 4.1 trillion PV figure (I selected) was my own back of the napkin so to speak “secret sause” PV calculation which is within range of other studies and could be thought of as another “trial” w/in an experimental calculation
the high end bias (I selected) is due to the fact that the CA Controller just released a report of exponential growth in the debt associated with public pensions within the state…
“Chiang added public pension systems to his already large fiscal database. One chart reveals that their “unfunded liabilities” – the gap between assets and liabilities for current and future pensions – exploded from $6.3 billion in 2003 to $198.2 billion in 2013.”
if as you claim the total unfunded public pension debt is just over a trillion dollars, then subtracting about 200 billion from a trillion means that rest of the 49 states – there is about 800 billion unfunded pension debt for ALL the rest of the states like new york, Illinois, etc. (and that does not take into account municipal governments – i.e cities and counties)
[quote=EconProf]
CAR, the (apparent) fact that your husband is a firefighter explains your strong defense of government sector unions. We all get that. I don’t know why you won’t admit it. Piggs are smart enough and fair-minded enough to look beyond that fact and weigh the arguments and evidence based on their merits.
[/quote]
[quote=joec]
Because CAR likes to believe she is a good person and isn’t out to get what’s best for herself and her loved ones.
I don’t blame CAR, but this is true for pretty much everyone in society including all the wall street, big business types, etc…Everyone just wants their piece of meat and screw the hells with everyone else.
That’s life…honestly. It doesn’t hurt to look in the mirror and admit it (I know I do and can care less for plenty of things/people/etc…).
Best course of action for everyone is just find ways to avoid getting taxed I think and be able and flexible to move…If you can find ways to like get solar, your own water, police/fire protection, etc…do it…or find tax advantaged ways to generate very to 0 income, and live off capital gains, tax exempt bonds, etc…
Since her husband is a fire fighter, that makes her whole argument biased already since any change will greatly affect her own life so take anything mentioned with buckets of salt.
[/quote]
etc…
your response will be its all a right wing “republican” conspiracy!
BUT I’m going point out before hand that Chiang (the CA controller) who reported an unfunded liabilities debt of about 200 billion (as of 2013) is a “democratic”
so for now all I can add is, what is going to be interesting (and the only way to know which POV is actually right) is watching how economic headwinds due to unfunded public pension actually affect society and immigration patterns in years to come
