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Unfunded Pension Liability and Bailing Out Blue States

Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
The proposed Biden $2 Trillion Pandemic bill includes about $350 billion for "states." I doubt the detail of the distribution to the states is specified, but here is an older chart of the pre-pandemic amounts. I think the question is how small states with smaller debt feel about their children's money going to states who did a poorer job in creating un-funded pension plans.

Unfunded.jpg
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
The Basement Man has to do it he has no way- Maybe a "Virtual Bailout " )
 

alebrewer

Senior Member
Gold Supporting Member
Joined
Mar 11, 2008
Professional Status
Certified Residential Appraiser
State
Texas
Cuomo has estimated NY's deficit at between $14B and $61B through 2024 - this should help immensely!
 

IlliniApp

Sophomore Member
Joined
Aug 21, 2020
Professional Status
Appraiser Trainee
State
Illinois
Hasn't the Fed already said they are simply going to monetize all of this new COVID borrowing? After a long absence, inflation is a-coming. Many years ago I foolishly believed that there was a chance that the federal debt could be reduced. Now, in the short term does it really matter if the debt is 27 or 30 trillion $? Some day there will be a day of reckoning, it's just a matter of when.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Oregon has been kicking the PERS can down the road for decades. We are not in the top 10 but I am sure that Harris / Biden will bail them out.
 

Mejappz

Senior Member
Joined
Dec 16, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Oregon has been kicking the PERS can down the road for decades. We are not in the top 10 but I am sure that Harris / Biden will bail them out.

No doubt. A good crime family protects its own.
 

Alsie35

Member
Joined
Sep 14, 2020
Professional Status
Certified Residential Appraiser
State
Texas
These states should be forced to go bankrupt. The pain their mismanagement would cause downstream (aka to the holders of ridiculously large pension obligations) is the only thing that MIGHT force a change in government policy.

Except - that will never happen unless the whole economy is going down the tubes - because they will drag all of us down before they will reform these pension plans. As Jefferson adroitly observed, democracy ends as soon as people learn they can vote themselves $$$ from the public treasury. We are now seeing the same "government by bribe" that has been one of the historical hallmarks of the downward spiral of every great nation since history was invented.
 

Charles West

Junior Member
Joined
Sep 14, 2004
Professional Status
Certified Residential Appraiser
State
California
I doubt these states get bailed out. Joe's proposal has to pass the congress and that's going to be heavy lifting with the current configuration.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Joe's proposal has to pass the congress and that's going to be heavy lifting with the current configuration
Do you remember:
"You've got to pass it, to find out what's in it!"

It's the very same folks, just a different date on the calendar. There are even a few RINO members of the House & Senate to smooth the way, down the cattle chute, to the killing floor. All done in the name of equity and fairness.
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Pensions here take a big part of city's budgets. Years ago, government gave generous pensions. Maybe it was a way to attract employees from the private sector.
Now we are paying for it with most of city revenues paying the retirees leaving what's left for city services.
It's a problem that won't go away.
 
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