We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 - $84 billion underfunded, depending on which discount rate you feel inclined to use. As we've argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven't a prayer of ever again being made whole.
That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to 'kick the can down the road' on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky's 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state's entire budget over a two-year period.
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2 comments:
People need to watch out if this gains momentum the fed could buy in as well. This is what happened in Cypruss in 2013. The govt needs their money. And they certainly have the power to take it.
Retirement, its what we all work for right? You work your whole life, and you get retirement and social security. Years ago we all fell for this, right?
Well its all falling apart, greed has taken control of most of it. Government using bank accounts and money like its theirs. It wasnt, and should have never been touched. Thank a liberal - they like to play with other peoples money.
You can bet your ASS - that each politician has a golden parachute though. They wont be working as a Walmart greeter. They will be sitting on SOme Beach
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