From the Modesto (California) Bee.
"A top official with the California Public Employment Retirement System finally conceded last week what observers of state and local government finances have been saying for years -- California's public employee pension costs are "unsustainable."
"I don't want to sugarcoat anything," Ron Seeling told a seminar sponsored by the Public Retirement Journal. "We are facing decades without significant turnarounds in assets, decades of -- what I myself, my personal words, nobody else's--unsustainable pension costs..."
Seeling's comments, first reported by veteran capitol reporter Ed Mendel in his web log, calpensions.com, should help jump-start a long overdue conversation."
Well, what do you get when government unions run government. When these same unions decide between High Speed Rail and retirement checks, which choice will they make?
The Federal pension system gets to use the printing press, but how much paper and ink?
"For federal employees, according to the Employee Benefit Research Institute (EBRI), unfunded liabilities have already hit $870 billion dollars. If you also include military retirees, total unfunded liabilities of the federal retirement system--money that has been promised but is not there--are now $1,497,000,000,000" Says BNet.
Jeff Hummel of one of my alma maters tells us that we will default on federal debt sooner or later. Will government employees give up pensions to make good on foreign held bonds?
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