Thursday, October 14, 2010

Unfunded Public Pensions Crippling US Cities

[Most Recent Quotes from]

Of the variety of issues plaguing America’s economy today, unfunded public pensions are perhaps one of the greatest. CNBC News reports that a study expected to be released today shows major American cities may be faced with a $574 billion funding gap as a resulted of unfunded public pensions.
Research at the Kellogg School of Management at Northwestern University and the University of Rochester shows that the funding gap is in addition to billions of dollars in unfunded liabilities already estimated for state-run pensions.

Researchers at Kellogg studied 77 pension plans of 50 major cities and counties, covering nearly 2 million workers. CNBC explains that those examined are “estimated to be the two-thirds of workers covered by local pensions. Researchers then extrapolated the results-an unfunded liability of about $5,300 per worker-to come up with the total estimate of $574 billion.”

Of course, given the staggering figures determined by the Kellogg School, one big question remains: “What is yet to be seen is how this burden will be distributed between state and local governments and whether the federal government will be called upon for bailouts,” questions Joshua Rauh of the Kellogg School.

He adds, “The bondholders would be competing with the pension beneficiaries for scarce government resources.”

For example, cities like Cincinnati, Ohio, and Jacksonville, Florida, will not be able to continue to pay the promised pension assets through 2020. Others, however, are even worse off. Philadelphia is only prepared to pay for current pension assets up through 2015, while Boston and Chicago can maintain the pensions a bit longer, until 2019.

To get a better grasp on the staggering figures that make up the unfunded pension funds, New York City, San Francisco, and Boston owe more than $30,000 per household in pension funds.


  1. Yup we're a fiat nation. But other nations are in the same boat, too.

    This is an unusual depression. Quite different from the last one.

  2. Well, this is a good sign. Those civil "servants" should not have had these fat pensions at the expense of taxpayers in the first place. Now they are collapsing. It's a good thing that Nancy Mussolini' and Berry Soetoros of the World would not have a dime when they retire. Nor do I believe that bus drivers in Seattle (King County) deserve a salary of an engineer. (as was reported in the media they retire with 120K annual salary which makes their pensions ever so high + benefits). Where does the money come from? Property and other taxes on those who actually generate the wealth, which creates inflation. If one buys a house in KC for 250K, pays a property tax at $5000 a year, at the end of 10 year it is $50K. If one were to sell the house that number should be factored in. And we haven’t even discussed inflation created by the crooks at the Federal Reserve by washing off the dollar.

  3. when the world removes all the JEW CANCER THAT CAUSED ALL THIS. THE WHOLE WORLD WILL BE FREE!!!
    I CAN'T WAIT!!!!!

  4. This is what happens when you allow rubbish to dictate the status quo.
    Rubbish in,Rubbish out,The mantra of the
    Rothschilds,Rockefellas,Duponts,J.P.Morgan,and the European Black Nobility.
    Banking bullcrap that should have been "EXTERMINATED"Centuries ago.

  5. It is easy to point at top Jews and even middle class jews as the cause of all economic ills. But ,we are all interest and property value increases seeking "jews" now .
    Thats the way the economy works .

    Some of "us Jews" play a better usury game than others,especialy those who specialise in finance management ,in fractional reserve banking ,and getting a slice of other sticky finger frauds .

    The real cancer is Usury, a capitalist economy that runs its production and distribution of wealth dependent on credit supply of capital.

    The idea that money somehow grows in value automaticaly.
    Even printed paper.
    Interest is the mother of all crazy, ilogical,automatic , wealth creating value forms.

    where or what is its real source of its profit ?

    "Jewish" Trickery?

  6. Fuck being "JEWISH"
    HOW about being fucking completely "STUPID"

  7. I blame the Indians who came here on visas to steal jobs

  8. Are we really all Jews now?
    Religion deals with the problems of resolving “Eternal Morality’in the social practice of the human everyday world. Such as the role of Usury . Both early Christianity and Islam opposed Usury as the ‘Satanic power” of money over mankind. Muslims specifically not only oppose Usury but promote the use of gold and silver currencies.
    (somewhat like the US Constitution did in supporting only P.M. coinage )
    Got Gold?
    Christian story tellers say that the peaceful “turn the other cheek” Jesus was so outraged that he used violence against the “Money changers” daring to make profits in the very “Temple of God”.
    Was Jesus concerned ,even outraged with what has been translated as simple “money changing” or with Usury being associated with the Jewish peoples religion?
    Shortly after ,not surprisingly, he was put to death, some say “by the Romans” and some say “at the request of official Temple Jewry” .
    Martin Luther at the beginning of the Protestant revolution, when feudalism was bought into question by the rise of capitalism in western Europe, was much concerned about “un-Christian” Usury. Money power , lending at interest was associated in the popular and in Luthers mind with Jewry and considered anti-christian. As well as Luther’s concern with the power of money to corrupt religion as eternal morality , by the sale of indulgences for sins by the Catholic Pope ,as tickets to forgiveness and eternal heaven available for the rich for cash.
    With the victory of Capitalism capitalist morality ,the investment of accumulated money at interest as capital became the accepted norm. The way of business driving progress and industrial and agricultural development forward. Thus what was once considered “Satanic” loaning of money at interest ,the Usury once associated with or conveniently blamed on Judaism, became the necessary ,normal , Christian way of life .
    Christians, were converted to “Satanic Usury” for economic survival ,with or without Jews being involved.

    Peter J. Gomes offers a Jesus interpretation
    The Scandalous Gospel of Jesus: What's So good about the Good News?
    NY: Harper Collins, 2007, 264pp. hb
    Gomes offers an account of the temptation of Jesus by Satan.
    "Satan was the Old Deluder, and it is said that his most successful delusion to date is that he persuades very smart people that he doesn't exist. Here, in the account of Jesus' temptation, the reality of Satan is as much a given as the reality of Jesus; it is not 'Savior' and 'spook' here but two adversaries."(p. 33)”
    It would seem if Satan exists that the ‘old deluder” has now succeeded in persuading Christians and other smart people that “Satanic Usury”, money lending at interest as evil ,as anti-Christian morality ,also no longer exists ,as the old evil had passed its use by date and become “greed is good”.
    So ,now even Christians are all Usury interest seeking Christians as ,practical, pragmatic, everyday “Jews” , but do not even know it ,blind to the old “Satanic evil” .
    With the current systematic structural breakdown of the Usury /Credit /fiat paper dollar hegemony system of US capitalism , as credit supply dries up in a sea of debts , it is natural for its supporters to seek a visible scapegoat , a racial Jewish /Mexican /or even an Indian scapegoat to blame for its systematic collapse into a jobless un-profitability for capital debt ridden mess

  9. 9:15- I blame all the white-ass Europeans who originally came over on the Mayflower and introduced the Indians to whisky and Visa in the first place...

  10. 10:59- I blame the black people in Africa who migrated to Europe and became white.

  11. The world is too stupid to remove the Jews. Hitler tried and the West stopped him. China, India and the Arabs want nothing to do with them, but the West has stuck a little country and propped it up right in the middle of them anyway.

    The Jew plan is to milk the stupid Western Whites for every last cent, weaken them as much as possibly through financial disaster and doomed social policies, and then take all that power and move it into Israel.

    Partly to achieve this, the Jews have convinced the Whites that the Arabs are their true enemies and a dangerous threat. The Islamists have no beef with Christianity and never cared until we stuck Israel there and insisted on letting Israel bully and kill every Islamic nation they could. The Muslims reacted like anyone else would, after realizing that they couldn't get rid of their true enemy because another enemy made sure to help them, they switched some of their attacks to the enemy trying to hide behind the scenes.

    And now we will take the fall for the Jews because we insist on being stupid and letting them move our puppet strings until we are destroyed.

  12. currency's deathspiral then crash, new currency with "resets" involved to cover or similar? things would have to get real bad for the the world to except it but...

  13. 10:16,

    Jews have been hunted and prosecuted since Medieval times. They had to go underground to remain a race. Being so small a race and scattered they managed to be responsible for 80% of all inventions/discoveries.

    Wow. Almost everything you use came from this modicum group of people. Or is that their propaganda?

    What if the need to say there is no such thing as Islamic Extremists and that's just the Jews trying to misdirect us is Islamic Extremist propaganda? You know the internet is 99% delusion... Americans will believe anything.

    What if?


Everyone is encouraged to participate with civilized comments.