This page has been archived and commenting is disabled.

Mapping America's Underfunded State Pension And Healthcare Liability Debacle

Tyler Durden's picture


The map below, which shows the gravity of America's pervasive pension and healthcare liability underfunding problem, should certainly raise a few eyebrows. Sourced from the IMF's Article IV presentation which in turn sources the data from the Pew Center, the map shows that even despite the near doubling in the S&P since the March 2009 lows, there are still at least 9 states that have a minimum 35% underfunding in their pension and liability obligations. As a result, we expect that just like in the case of Illinois recently, many more states will be forced to issue debt to fund various entitlement plans on a "paycheck to paycheck basis." It also means that ever more states will begin scrambling after high beta, low quality, and very high risk stocks (in many cases selling CDS), in order to refill their coffers. We can only hope that the biggest dip buyer of NFLX stock today is not the Louisiana Retirement Fund system (for example), but we have a feeling we would be quite wrong.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 07/26/2011 - 12:07 | 1494744 TumblingDice
TumblingDice's picture

Poor pension funds. They're always the ones that get fucked.

Tue, 07/26/2011 - 12:44 | 1494898 slaughterer
slaughterer's picture

Aaaah, I love the US retirement system: If NFLX goes to $600, then Lousianians will retire in comfort!  The fate of millions of future geriatrics completely wagered on an existential lottery.   And if NFLX goes bankrupt in the meantime? 

Tue, 07/26/2011 - 14:15 | 1495257 sun tzu
sun tzu's picture

Looks like Shitcago needs their chief village idiot Obongo back to work on their pension problems. We'll put a teleprompter in the Oval Office to take his place while he's away. The teleprompter can't do much worse.

Tue, 07/26/2011 - 17:24 | 1495984 Obamanation
Obamanation's picture

if anyone f*cked the pensions, it was themselves.  stop making promises (a la SS) of a certain rate of return.  what fund/hf/investment out there does that nowadays?  


Tue, 07/26/2011 - 12:11 | 1494754 101 years and c...
101 years and counting's picture

those light blue and solid blue states need to learn how to steal from their pensions to fund all other short falls.

Tue, 07/26/2011 - 12:46 | 1494903 XenoFrog
XenoFrog's picture

They learned how to cut education instead. We'll worry about a totally inept generation of workers when we get there.

Tue, 07/26/2011 - 12:47 | 1494909 fuu
fuu's picture

How do you fill a hole in the Minnesota budget? Steal from next years school funding!

Tue, 07/26/2011 - 13:57 | 1495182 sun tzu
sun tzu's picture

The government is the only place where failure means you get more money. The Washington DC school district spends the most money per student, has the highest paid teachers and administrators, yet they consistently rank in the bottom 5 of all school districts in the country. Who's doing the stealing?

Tue, 07/26/2011 - 14:27 | 1495288 fuu
fuu's picture

I was only commenting that the re-opening of the Minnesota State Government was cemented by moving funds from one spend to another and calling it savings. I was not making a value judgement on the school system in general.

Tue, 07/26/2011 - 13:09 | 1494981 sschu
sschu's picture

School funding is not the problem, there is limited correlation between funding levels and student performance.  The US spends more than any country on K-12 education.

 The problems are teacher unions, education bureaucracies and dysfunctional families, these are at the root of the education mess.  The other problem is funding follows the school and not the student. 

All this is unsurprising given that education is essentially a government monopoly.



Tue, 07/26/2011 - 14:01 | 1495198 Buckaroo Banzai
Buckaroo Banzai's picture

Yes, if you want to really, truly fuck something up, you have to get the government involved. Our public education system is a sterling example of that unavoidable truth.

Tue, 07/26/2011 - 14:20 | 1495268 Terminus C
Terminus C's picture

The problem with your education system is not lack of money, but rather poor curriculum.  Governments can run education effectively and relatively efficiently.  Teachers unions can exist and not destroy said system.  With a solid curriculum that emphasizes critical thinking and independent inquiry will develop quality students.

U.S. curriculum is focused on rote learning and mindless testing, it is small wonder that the average American student knows little.

Look to Alberta for an effective education system, sure it has much room for improvement but it is certainly moving in the correct direction.

Tue, 07/26/2011 - 15:21 | 1495519 sschu
sschu's picture

Governments can run education effectively and relatively efficiently.  Teachers unions can exist and not destroy said system. 


Sorry, in the US this has proven NOT to be the case in the US. 


Curriculum changes are fine, but education is undergoing a fundamental shift and the changes will be dramatic and disruptive.  The idea that we need these massive facilities and the enormous overhead of traditional K-12 education delivery system is absurd.  The “education” of everyone can be administered much more efficiently and effectively using currently available technologies delivered via the Internet. 


Just like post offices, this investment in education infrastructure is the classic Von Mises mal-investment and needs to be liquidated.  


The money does not exist to pay $8,000 / year / student to get a HS diploma.  The statists will fight to the end, but the economic and practical aspects will take the day.  There is no other option.



Tue, 07/26/2011 - 13:54 | 1495170 sun tzu
sun tzu's picture

Of course, because we all know that

money = education

How will the children learn if the school administrators aren't making $200K/yr and the teachers don't have their pensions and healthcare 100% funded by taxpayers? How will the children learn without Ipads and 50-inch LED televisions in each room?

Tue, 07/26/2011 - 17:04 | 1495938 caconhma
caconhma's picture

There is no any useful public education in the USA. Instead, it is all indoctrination and propaganda.

Why should ruling oligarchs care about the public education in America? There is no reason for it. All jobs requiring any knowladge of science and engineering are now done outside of the USA. It is that simple.

Wed, 07/27/2011 - 00:58 | 1496900 StychoKiller
StychoKiller's picture

The purpose of a system is what it does:

Check out: "Some Lessons from the Underground History of American Education"
by John Taylor Gatto, found in "Everything You Know is Wrong",
ISBN 978-1-56731-637-7, pgs 274-287

Tue, 07/26/2011 - 12:11 | 1494755 Let them all fail
Let them all fail's picture

And this is AFTER the ridiculous Bernank-induced market surge -  not good - about time these guys got realistic with themselves...If I had a pension managed by these guys I would be complaining like crazy

Tue, 07/26/2011 - 12:13 | 1494758 Sudden Debt
Sudden Debt's picture

Nobody cares about that. Even those who are retired. As long as their cheques come in all is well.

What happens in 1 decade isn't their problem.

Tue, 07/26/2011 - 12:13 | 1494759 Long-John-Silver
Long-John-Silver's picture

The government should confiscate all private retirement accounts such as 401(k) and IRA accounts and fold them into Social Security. America needs a single payer retirement system so the injustices of losing a pension because of poor investments are eliminated. This would also guarantee Social Security solvency forever. /sarc

Tue, 07/26/2011 - 12:21 | 1494788 dbach
dbach's picture

Such a future is what concerns me about opening a roth IRA. I'll pay my taxes now, but fear I will have to pay them again later or maybe the gov will just take the whole thing.

On a related note, in my graduate accounting class last night our prof mentioned a proposed part of DoddFrank (which didn't get included) that would require people to max out their 401k if the employer matched, or something to that effect. I was the only one in the room, besides my prof, who thought it was an insane idea. Everyone else thought, oh saving for retirement is good, must be a good plan... and these are graduate students in business! ahhhh!

Tue, 07/26/2011 - 12:43 | 1494887 Transformer
Transformer's picture

"The government should confiscate all private retirement accounts such as 401(k) and IRA accounts and fold them into Social Security."


What a great idea.  I have another great one.  Why not have all our pay checks sent directly to the IRS?  They would deduct the proper amounts, send you the remainder, and keep track of it throughout the year, and then do your tax return when it's done.  If you had anything coming back, they would send it to you.   Just think of all the money we would save on accountants and tax preparers. 

Tue, 07/26/2011 - 13:24 | 1495058 TexasAggie
TexasAggie's picture

In the 70s we lived in southern CA, and the editorial cartoonist for the LA Slimes had the same cartoon every Apr 15th:

Line A:  how much did You make___

Line B:  How much did you spend: ____

Line C:  difference

Line D: Send in Line A to the IRS.

Tue, 07/26/2011 - 12:49 | 1494913 Agent P
Agent P's picture

When I was a young lad in 1999, I opened a Roth IRA.  I remember telling my dad what a great deal it was, I could pay the taxes now while I was earning peanuts in a low tax bracket, and I could withdraw the principal and earnings later in life tax-free, presumably when I was rich and would be in a much higher tax bracket if I were pulling money from a traditional IRA.

I'll never forget what my dad said to me. "Sounds like a good idea son...just remember one thing: What the government giveth, the government can taketh away." 

Tue, 07/26/2011 - 13:10 | 1495001 Bicycle Repairman
Bicycle Repairman's picture

All it is going to take is a national consumption tax and all Roth IRA holders will be screwed.  The idea that you trust the political class not to change the rules sometime the the distant future regarding Roth IRAs is a loser IMHO.

Tue, 07/26/2011 - 22:40 | 1496681 Bobbyrib
Bobbyrib's picture

What I was told (not a business major) is that you are giving up free money if you don't contribute enough to receive the employer's match. They should examine investment opportunity to see if that is completely true. The mutual funds they offer in 401K accounts are known to be absolutely atrocius. 

Tue, 07/26/2011 - 12:45 | 1494900 V in PA
V in PA's picture

That kind of talk Sir, just might get you elected!! Viva la sheeple!

Tue, 07/26/2011 - 12:46 | 1494906 BandGap
BandGap's picture

I READ SOMETHING REGARDING THE GOVERNEMENT TAKEOVER OF 401Ks BACK IN.....1991.  This has been submitted for votes, in some form, every year since. 



Tue, 07/26/2011 - 13:17 | 1495027 Payable on Death
Payable on Death's picture

First I heard of it was with HillaryCare. I recall my accountant telling me she wanted to take 25% of all tax advantaged retirement accounts (one time surtax) in exchange for assuming liability for all of your future health costs.

Tue, 07/26/2011 - 14:03 | 1495206 sun tzu
sun tzu's picture

Until they take the next 25%

Tue, 07/26/2011 - 13:56 | 1495175 andybev01
andybev01's picture

There are at least 11 subscribers who don't understand what

'/sarc' means...

Tue, 07/26/2011 - 17:57 | 1496053 caconhma
caconhma's picture

Long-John-Silver ,

You are fking idiot. So, we confiscate money from hard-working American who saved and contributed to their retirement and give to people who did not work and did not contribute?

This Jewish Bolsheviks have done in Russia and 25 millions people have died from starvation.

Next time, before stealing somebody else money, be very careful since somebody might kill you.

Tue, 07/26/2011 - 12:15 | 1494765 HamyWanger
HamyWanger's picture

So much DOOM...

You may be right, but I prefer to ignore all this and be happy. 

Tue, 07/26/2011 - 12:21 | 1494785 SheepDog-One
SheepDog-One's picture

Why not? Tomorrow we die, but tonite we dine on Ramen!! Hazzahh!!!

Tue, 07/26/2011 - 12:21 | 1494787 TumblingDice
TumblingDice's picture

You sir, are a masterful troll.

Satire is a powerful tool.

Tue, 07/26/2011 - 12:32 | 1494845 sbenard
sbenard's picture

Isn't that just another way to say that, "ignorance is bliss"?

Tue, 07/26/2011 - 12:39 | 1494874 downrodeo
downrodeo's picture

attaboy, hamy!


"paycheck to paycheck basis."

welcome to my world, bitchez!

Tue, 07/26/2011 - 13:36 | 1495111 viahj
viahj's picture

lobotomies for all!

Tue, 07/26/2011 - 12:17 | 1494770 Jim in MN
Jim in MN's picture

By the way, Congressional websites and phone lines have been crashed by the public (remember them?) following President's call to contact Congress:


Tue, 07/26/2011 - 12:24 | 1494807 SheepDog-One
SheepDog-One's picture

LOL awesome.

Tue, 07/26/2011 - 14:04 | 1495210 sun tzu
sun tzu's picture

Now if they could crash the White House phones, fax, and website, then we'll have a little less to worry about

Tue, 07/26/2011 - 14:37 | 1495328 Crisismode
Crisismode's picture

Yes, but what are they saying to their congressperson once they pick up the phone?

Tue, 07/26/2011 - 12:16 | 1494771 Commander Cody
Commander Cody's picture

The pension system (public and private) is one huge reason that the PPT will never let equities tank again.

Tue, 07/26/2011 - 12:17 | 1494772 Burgess Shale
Burgess Shale's picture

Coming soon: haircuts for the bald.

Tue, 07/26/2011 - 12:22 | 1494791 SheepDog-One
SheepDog-One's picture

Doesnt that involve a guillotine?

Tue, 07/26/2011 - 12:17 | 1494773 Global Hunter
Global Hunter's picture

There is 12 blue states out of 50 or "240" not a great average in baseball but OK.

Tue, 07/26/2011 - 12:49 | 1494914 V in PA
V in PA's picture

What? Light blue isn't blue. RACIST!

Tue, 07/26/2011 - 13:04 | 1494973 Boonie
Boonie's picture

And of those 12, 6 (FL, SD, TN, TX, WA, WY) have no personal income tax.  Not that there's any direct correlation between public pension funding and state tax regime - see AK and NV.  Plus, I can't believe FL isn't red (plus NY, PA, MI).

Tue, 07/26/2011 - 12:19 | 1494776 buzzsaw99
buzzsaw99's picture

This is insanely bullish. The stupid ass pension funds will keep pouring money into worthless stocks and an even faster rate.

Tue, 07/26/2011 - 12:24 | 1494793 baby_BLYTHE
baby_BLYTHE's picture

the pension system is so broke in this state (I know because I work in the financial office here on campus), they had to go to Goldman Sachs because they need a return greater than 6% to keep the pensions afloat.

I told them to buy Gold and they laughed at me. Calling it a "hunk of junk".

I had to put every ounce of energy into restraining myself from wrapping my hands around his throat (my boss), jobs are hard to find and all...

Tue, 07/26/2011 - 12:36 | 1494868 Jim in MN
Jim in MN's picture

Maybe you can contract out the management to the University of Texas.  They are investing in gold.  Also, the old rule was 10% in gold if you actually were considered wealthy.  Perhaps your management thinks they are too poor to purchase quality assets.

Tue, 07/26/2011 - 12:41 | 1494884 Piranhanoia
Piranhanoia's picture

but they forgot they bought it from someone that can lie about whether it really exists,  and didn't take delivery right?    They are half smart.

Tue, 07/26/2011 - 12:58 | 1494948 baby_BLYTHE
baby_BLYTHE's picture

yeah, I know about Texas and physical gold (Kyle Bass is a genious).

Aside from Perry's questionable association with Bilderberg, the state is pretty ethical in governance.

The state of IL has the most corrupt leadership out any state in the union. 2/3 of our last governors are total crooks.  1 in the slammer and another one on the way.

The association with Goldman Sachs pretty much spells it out.

Tue, 07/26/2011 - 14:05 | 1495214 chunkylover42
chunkylover42's picture

As a fellow IL resident, you have hit the nail on the head regarding our corrupt leadership.  I propose that next time we just elect a governor already in prison and save ourselves the trouble of putting them there.

Tue, 07/26/2011 - 14:06 | 1495221 sun tzu
sun tzu's picture

Perry is a crook and so are the other power players, but not as bad as the Chicago gang or the crooks in Clownifornia

Tue, 07/26/2011 - 13:08 | 1494989 TumblingDice
TumblingDice's picture

Tell your boss NFLX is on sale today! That stock is not a hunk of junk, it's digital!

Tue, 07/26/2011 - 12:44 | 1494895 HowardBeale
HowardBeale's picture

What money? That's the point. And with Nazi wannabes like The Boy Governor Walker, every middle class pension contributor is going to be contributing less and less until someone notices the math; then, the penniless, gun-owning vicitms will be having some good ole Fried Green Tomatoes bbq.

Tue, 07/26/2011 - 14:08 | 1495231 sun tzu
sun tzu's picture

I didn't know every middle class person in the state worked for the government. Oh the horror. They have to contribute a portion of their retirement and healthcare. That's unheard of in the US. I thought everyone had everything paid for by the tax fairy.

Tue, 07/26/2011 - 12:20 | 1494783 Gold Dog
Gold Dog's picture

Dear Illinois,

You are a bunch of corrupt and criminal nest featherers. Being a proud resident of the state I just have this to say- I ain't paying. Fuck you!

Your friend and proud resident,

Gold Dog

Tue, 07/26/2011 - 12:34 | 1494857 Agent P
Agent P's picture

As another proud resident, I believe we deserve our own special shade of red for this map.

Tue, 07/26/2011 - 12:23 | 1494799 A Man without Q...
A Man without Qualities's picture

The worst thing is that these deficits are calculated on the assumption the funds achieve returns that Soros would be proud of.  Knock these down a couple of percent, and it looks like an ocean of red...

Tue, 07/26/2011 - 12:23 | 1494800 pupton
pupton's picture

"Defined contribution" Bitchez!

Tue, 07/26/2011 - 12:26 | 1494801 RKDS
RKDS's picture

Pennsylvania is doing damned well if you consider the fact that government has not paid into the state pension fund since 2003.  Every solitary cent that's gone in since then has been employee contributions (7% of salary, on top of SS/MC) or market gains (which were hit hard by, you know, the recession).  When the economy eventually recovers, PA will be fine, so TPTB are laying it on thick about how distressed the fund is and how the only answer is to confiscate/ruin the pension plan now.

Tue, 07/26/2011 - 12:27 | 1494817 SheepDog-One
SheepDog-One's picture

'When the economy recovers, PA will be fine'...not sure if this is satire or what.

Sure, we may be a bankrupt state in a bankrupt nation, but when the recovery swoops in suddenly WOW it will be great! 


Tue, 07/26/2011 - 13:24 | 1495012 RKDS
RKDS's picture

No, I said PA will be fine.  As in "there's no reason to lie about our financal problems and loot the pension funds" like the banksters and their bought politicians are proposing everywhere.  We need more fascism about as much as we need more communism.  Klepto opportunists can go elsewhere in search of victims.

Tue, 07/26/2011 - 12:24 | 1494805 jimijon
jimijon's picture

You know... it is getting more and more expensive to be legal in this country.


Tue, 07/26/2011 - 12:28 | 1494821 SilverRhino
SilverRhino's picture

I love it.   People are going to get a crash course ass fucking in why you dont trust paper and the government over the next several years.   No IRA, no 401K, just metals and a geocache for my retirement.  

Forgive me for being crude but the bullshit coming out of the news lately is just making belligerant.


Tue, 07/26/2011 - 12:29 | 1494822 smoke and mirrors
smoke and mirrors's picture

How the hell is Alaska in dark red with all of the oil revs it generates...

Tue, 07/26/2011 - 12:31 | 1494839 Commander Cody
Commander Cody's picture

Everybody retired?

Tue, 07/26/2011 - 12:31 | 1494843 RichardENixon
RichardENixon's picture

Because Sarah Palin is stupid.

Tue, 07/26/2011 - 13:30 | 1495080 Hugh_Jorgan
Hugh_Jorgan's picture

Brilliant, did you come up with that one all by yourself?

Tue, 07/26/2011 - 14:12 | 1495246 sun tzu
sun tzu's picture

It took 100 minds from the Puffington Ho's, raising the collective IQ of the group of dummies to 100, to thnk of that one.

Tue, 07/26/2011 - 13:32 | 1495088 Hugh_Jorgan
Hugh_Jorgan's picture


Tue, 07/26/2011 - 16:33 | 1495832 RichardENixon
RichardENixon's picture

Brilliant, did you come up with that one all by yourself?

Tue, 07/26/2011 - 12:29 | 1494829 TumblingDice
TumblingDice's picture

Those savvy pension funds learned that instead of buying all those CDO's they should have been loading up on high beta stocks.

Tue, 07/26/2011 - 12:36 | 1494866 gwar5
gwar5's picture



I think some of those state pension funds are like Spanish regional debt surprises turning up and acting like economic IEDs for the EU. Our state pension liabilities can still have some nasty hidden horrors yet to be "discovered".  There's too much political vested interest in just keeping them out of sight, papering over real problems.  

A market crash or USD crash could kill a Calpers PDQ.  COLA calculation changes are just a confiscation and rationing of the promises made in an attempt to make the numbers work for now.

Calculations of state funding liabilites are often also based on fantasy anyway. The projected (already massive) Federal debt and deficits currently assume future low interest rates and Disney level imagineering of GDP 4% growth rates that will never happen.  Projected obligations can only go way up because the numbers are so skewed to the optimistic side already. There's no room for all those "unexpected" downturns.


Tue, 07/26/2011 - 12:39 | 1494875 Jim in MN
Jim in MN's picture

Let us not forget another secret hidden in the US financial minefield--the massive exposure of health and life insurance firms to MBS and related debt.  This is very difficult to research, but one of the most important tripwire/booby traps out there.

Mark to market....but beware....

Tue, 07/26/2011 - 12:40 | 1494877 Johnny Lawrence
Johnny Lawrence's picture

Surprised to see California in the upper tier of states...with all the press the state generates, you'd think they'd be in a much worse position.

Tue, 07/26/2011 - 12:45 | 1494886 PulauHantu29
PulauHantu29's picture

I'm not sure revenue matters anymore. It seems all these financiers rely on gubberment to print more and loan them the money at near zero rate. Even States are now getting Fed money via the Big Banks who get the money for free from the discount window (for free) and then loan it to the State since most States can no longer issue bonds at a reasonable interest rate.

I'm thinking the Fed will be printing many more Trillions for States, FHA bailouts, more bank bailouts, etc. PMs and oil may reflect this printing/devaluation of the printed currency.

Tue, 07/26/2011 - 12:45 | 1494902 goldm3mb3r
goldm3mb3r's picture

Pay up suckers, public workers are what made America great.

Tue, 07/26/2011 - 12:57 | 1494940 V in PA
V in PA's picture

STFU noob!

Tue, 07/26/2011 - 13:01 | 1494959 goldm3mb3r
goldm3mb3r's picture

Member for
3 weeks 3 days

Tue, 07/26/2011 - 13:50 | 1495132 RKDS
RKDS's picture

What gets me is the hypocrisy.

We're subjected to an endless stream of complaints about redistribution by career politicians.  Looting SS to take care of illegal Mexicans, endless property tax increases to fund schools, wasting road maintenance funds on fighting durkadurkas, etc.  Most of the time, I agree that it's wrong, at least until the argument is framed such that super rich billionaires are the worst, and only, victims (which is stupid).

Then, yet another career politician steps up to the podium.  He promises that he will fund all of these unconstitutional programs that everyone says they hate but scream like banshees if any cuts are imposed.  He will not raise taxes on people who can afford to pay or people who will take advantage of the programs (often one in the same), he will loot the retirement fund of your neighbors.  The applause is deafening.

In other words, redistribution from you to someone else is bad but redistribution from someone else to you is great?

It's not right to eat a meal and run out on the check, so why is it right to use state services and steal the compensation of those providing them?  If you had a problem, you had plenty of time beforehand to object but you were too busy stuffing your face.  Someone else's money is as good as free and you've already got yours...

Tue, 07/26/2011 - 13:09 | 1494998 davepowers
davepowers's picture

those percentages are likely substantially over optimistic.

any pension fund that is heavily invested in private equity (see, eg, Oregon) has invested a bundle in funds that lack objective valuation measures - they basically value them on what the PE pitchmen say they're worth - so one can imagine how that will turn out if TSHTF.

and many are probably knee deep in securities lending schemes of investment banks like State Street - a high risk/meager to non existant reward structure with a risk of being the next 'what in the world were they thinking' scandal.


Tue, 07/26/2011 - 13:21 | 1495048 carbonmutant
Tue, 07/26/2011 - 13:28 | 1495072 Rick Masters
Rick Masters's picture

Where are you in PA sheepdoggie dog? I agree it isnt all skittles and ponies here but all and all it ain't so bad. Plus we're sitting on an underground moutain of natural gas, which if the governor would allow taxes to be collected upon from outside biz (i would be fine in foregoing it for PA-based biz) we would have even more revenue. We shouldn't be giving away gas.

Tue, 07/26/2011 - 14:00 | 1495196 Seasmoke
Seasmoke's picture

NY will not be light blue for much longer

Tue, 07/26/2011 - 14:12 | 1495247 hidingfromhelis
hidingfromhelis's picture

Thank you for providing this very informative map.  We will adjust our marketing efforts accordingly to pension fund mangers in the blue shaded states immediately.

Sincerely, Goldman Sachs

Tue, 07/26/2011 - 14:14 | 1495255 Seasmoke
Seasmoke's picture

welcome to the Pension Ponzi and Casino

Tue, 07/26/2011 - 16:30 | 1495819 TheGoodDoctor
TheGoodDoctor's picture

Ultimately it doesn't matter. The system is destined to fail. It is based on an expanding population and forever expanding tax revenues. Do any of these fuckers even plan for shit times?

What is the tipping point? What rate of inflation totally fucks the system? When will they fund it? When they have a surplus? Do they even plan to ever have a surplus?

Just hit the fucking reset button so we can start over. Starting over will be much more painless for most of us.

Tue, 07/26/2011 - 17:45 | 1496036 huckman
huckman's picture

Underfunded on an annual cash flow basis but what about the Comprehensive Financial Report and Cash Reports each gvernment publishes.  Somebody took the trouble for adding up all the assets of some 80K plus government entities.  Walter ??  Any help out there?

Tue, 08/23/2011 - 22:52 | 1593335 karmete
karmete's picture

Great!!! thanks for sharing this information to us! sesli siteler sesli sohbet

Wed, 09/14/2011 - 03:43 | 1667077 chinawholesaler
chinawholesaler's picture

Promotional Items
Safety Products

Wholesale Apron
Wholesale Waterproof Case
Bottle Opener

Garden Decorations
Wholesale Shoe
Wholesale Stress Ball

Wholesale Magnifier
Wholesale Stationery
Promotional Products

Wholesale Bedding
Wholesale Cards
Wholesale Scale

Wholesale Belt
Coin Bank
Wholesale Puzzle

Wholesale Stationery
Beauty Equipment
Wholesale Belt

Wholesale Tie
Wholesale Scissors
Wholesale Knife

Wholesale Lanyard
Consumer Electronics
Wholesale Raincoat

Men Beauty Care
Wholesale Calendar
Wholesale Badge

Wholesale Keyboard
Voice Recorder
Wholesale Bracelet

Promotional Products
Wholesale Candle
Advertising Material

Wholesale Radio
Wholesale Racks
Wholesale Apron

Wholesale Jewelry
Promotional Gifts
Wholesale Thermometer

Wholesale Bookmark
World Cup Products
Promotional Gifts

Wholesale Gift Bags

Do NOT follow this link or you will be banned from the site!