The stock market swoon in the fourth quarter of 2018 is threatening to compound the mountain of unfunded pension liabilities confronting U.S. states and local governments.
The median government employee pension, whose assets are heavily weighted toward U.S. stocks, lost 7.5 percent in the fourth quarter, according to data released Wednesday by the Wilshire Trust Universe Comparison Service. Public pensions have lost 4.9 percent since the beginning of the fiscal year on July 1.
We will need bout another 4% tax hike to cover. I get this by assuming a 10% hike in local pension costs, overall taken from half the local budgets, or 10% of the economy. Gavin will generate a global warming emergency to pay it.
No comments:
Post a Comment