While going through the 2016 Annual Report for Social Security and Medicare, I stumbled across the main theme Continue reading →
Former Federal Reserve advisor Danielle Booth is out with a bold statement about state pensions. Continue reading →
Whoever wrote Obamacare as a law did a pretty good job in kicking some of the worst parts down the road
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In 2012 an accounting rule was implemented by the Governmental Accounting Standards Board. The board told local and state municipalities
Via USA Today –
The Mercatus Center, a public policy research group, ranked the 50 states based on how well each state government planned spending in fiscal 2013 — the most recent year for which data was available — as well as their future financial prospects. from annual budgeting to cash to pay bills, to funding for pensions and long-term plans.
With a so called “booming” stock market states pension systems are still getting worse. Decades of shady accounting practices and too many promises have made pensions almost broke.
In Pennsylvania there is talk of pension reform after one startling find recently. Here is more from IndianaGazette.com:
Pennsylvania Auditor General Eugene DePasquale warned Friday that the growing collective municipal pension debt in the commonwealth, if allowed to worsen, will become a problem for every Pennsylvanian.
“We found 46 percent of the municipal pension plans in Pennsylvania … are in some level of distress,” DePasquale said. “Certainly the bigger dollar amounts are in Philadelphia and Pittsburgh. … Scranton is very bad.”