Massive bill for public pensions looms

"...Depending on what happens in the stock market, taxpayers could soon find themselves stuck paying more than $5 billion in additional annual payments..."

**********

Public sector recklessness? No problemo. The private sector is there to bail it out...for now, unitl it is completely gutted.

The legislators and teachers better soon realize that the taxpayers do not have bottomless pockets from which they can pluck money at will. This "slow moving train wreck" best be addressed now before the crisis hits in 2012. Either we will have $$ for their plush retirements or money to teach the kids, we will not have enough money for both. To sit around, hoping that the market goes up, is not a solution. Fast Eddie will be out by 2012, so we cannot count on him to provide any leadership in solving the problem.

One or the other. I prefer bankruptcy. How about it teachers? And the legislature can't do anything now?????

I don't see what the problem is. These people have worked for their pensions and deserve it. If taxes go up because of it, so be it. It's simply the cost of doing business.

Revolution is coming to the USA. That should be enough to get me on Janet Napolitano's terrorist list along with our GIs that are giving their lives for the Feds.

$821 million a year from taxpayers and by 2012 it will need to grow by $5.7 billion a year from the taxpayers. If we ran our homes like the state runs the teachers and state workers pension we'd all be in jail or shot. Corruption has and always will be alive in Pa unless the people rise up and revolt.

Warned all about this more than two years ago about shifting contingent liabilities by Rendell and pevious State Legislators. This will cost every family approximately $2000 per household more in taxes.

Instead of smoking bank legislation and cell phone usage, how about focusing on the big core issues of what is driving this state bankrupt.

The Legislators, Teachers and Spendell could have eased the pain by making larger contributions into the pension system, but they chose not to in order to really stick it to the taxpayers. Poor taxpayer screwed again.

Former State Rep and now State Senator Pat Brown is the acctuarial lawyer who helped create this mess, yet people think he is so great and continue voting for him. The other mental giant is former Gov. Tom Ridge and he was appointed by Pres. Bush to handle homeland security. What a joke! Let's face it, 90% of the people who vote don't pay attention and only realize their choice was not well thought out after the fact. If you don't vote out all those that stand pat on Act 9 of 2001 and replace them with representatives that can resciend this legislation then good luck in solving this problem!

Portuguese Breakfast wrote:

I don't see what the problem is. These people have worked for their pensions and deserve it. If taxes go up because of it, so be it. It's simply the cost of doing business.

You either are on a state pension now or looking forward to it. How is it that a teacher can retire with a $70,000 yearly pension. Teacher actually are making more money in retirement than when they worked!?! What's that?

Tyler wrote:

The legislators and teachers better soon realize that the taxpayers do not have bottomless pockets from which they can pluck money at will. This "slow moving train wreck" best be addressed now before the crisis hits in 2012. Either we will have $$ for their plush retirements or money to teach the kids, we will not have enough money for both. To sit around, hoping that the market goes up, is not a solution. Fast Eddie will be out by 2012, so we cannot count on him to provide any leadership in solving the problem.

If you're going to blame someone don't forget the masterminds of this mess, Tom Ridge and Pat Brown

Tyler,

You have it backwards. The teachers continued to pay a steady percentage into their accounts all along. It was the STATE and the LOCAL SCHOOL DISTRICTS who dramatically cut their contributions over a period of several years.

Between obama rendell and the gambling in Pa we have it made?

Not Shocked wrote:

<quoted text>
You either are on a state pension now or looking forward to it. How is it that a teacher can retire with a $70,000 yearly pension. Teacher actually are making more money in retirement than when they worked!?! What's that?

I am looking forward to it.

Truth can hurt wrote:

Tyler,
You have it backwards. The teachers continued to pay a steady percentage into their accounts all along. It was the STATE and the LOCAL SCHOOL DISTRICTS who dramatically cut their contributions over a period of several years.

The state and local school districts are only around because of our tax money. What makes you suppose we'll continue to keep paying the state workers and teachers salaries and overblown pensions.

If things stay the way they are now the 2012 deadline will be here and the only ones left to pay the State workers and school teachers pension will be the school teachers and state workers.
Oh, there is a hope that the stock market will come back so well that the pension fund will once again be overfunded. "When Pigs Fly"

It's official. We, taxpayers, are slaves to the public sector.We work our azzes off so they can spend their days on the beach in Florida.

I did the math and I can no longer afford to pay for all these loafers on the government dole. Where do I sign up for the revolt? I have had ENOUGH!!!!!

Every day we become more and more like France.

Sheila O wrote:

I did the math and I can no longer afford to pay for all these loafers on the government dole. Where do I sign up for the revolt? I have had ENOUGH!!!!!

You don't have to sign up for it . Janet Napolitano already signed you and me up, just like she did for the returning vets . Congatulations, You won't be getting any reward by losing . You also will not be called a Rebel.
It will be traitor by the governments definition.

Wait till you see the size of your tax bill to pay for all the workers and teachers for the retirement obligations that are owed to them from the state. This is the only part of trickle down economics I understand.