VolkswagenAndrew Briggs: "State pension funds are underfunded by over $3 trillion; this is more than six times the $438 billion in underfunding the plans themselves report. Pension shortfalls far exceed explicit state debts." The humor starts when you get to the part about "actuarial assets".

Scott Brooks writes:

I have been accused of crying wolf for years on these lists about the problem of underfunded pension. This is a huge problem that isn't going to go away with actuarial slight of hand. There are so many straws being tossed on the metaphorical camels back that eventually there will come a day of reckoning. But this pension problem (think PBGC) and the big lie that is the Social Security Trust Fund aren't straws tossed on the camels back, they are Volkswagens.





Speak your mind

1 Comment so far

  1. Gary Rogan on July 11, 2010 11:51 pm

    Sooner or later the most glaring error in the US Constitution will become apparent: there is no real restriction on the government to spend or incur liabilities. I have yet to come up with a solution as to how wars should be financed, but other than that the ability of all governments to spend or incur liabilities needs to be constitutionally restricted to a very low, hard to falsify amount. It has been proven beyond any doubt that no semantic games will prevent the government from endlessly expanding, rewarding small but powerful or vociferous constituent groups, or wasting money in innumerable ways. There is nothing but a response to an external threat that justifies giving any leeway to the governments ability to spend money.


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