Monday, July 22, 2013
Government at Work - Making Promises They Can't Keep
Unfortunately, the elected officials, all across various governments, that allowed this situation won't really suffer...
USA Today has this from Todd Spangler's article as published in the Detroit Free Press:
"At the heart of Detroit's problem is a growing unfunded debt on benefits owed to current and future retirees — some $3.5 billion, according to its emergency manager, Kevyn Orr — which mirrors a circumstance being seen across the U.S.
From Baltimore to Los Angeles, and many points in between, municipalities are increasingly confronted with how to pay for these massive promises. The Pew Center for the States, in Washington, estimated states' public pension plans across the U.S. were underfunded by a whopping $1.4 trillion in 2010."
