California Dreamin’ … Now a Pension Nightmare
Posted by Larry Doyle on April 22, 2013 8:01 AM |
“California’s the place you gotta be . . . swimmin’ pools . . . movie stars…”
The hillbillies profiled in a favorite show from my youth presented plenty of comic material. Regrettably, there is now little that is funny about the state of California’s fiscal quandary or that of many other states that have allowed — if not promoted — the rackets run in and throughout the state, cities, and towns to crush the dreams of hard working taxpayers saddled with enormous burdens.
While California may have the largest problem (it is not even close), current research exposes the worst states in terms of funding their pensions: Connecticut, Illinois, Kentucky, and Rhode Island.
What states are actually displaying a high degree of fiscal propriety in terms of funding their pensions?
Wisconsin has fully funded its pension as measured by the most recent data available, while North Carolina, South Dakota, and Washington were operating at 95% or better in terms of funding their pensions.
What does it all mean? This photo may have represented dreams of the good life in California previously . . .
Thanks to Tom Meyer for highlighting that those who may have milked the California system for all they could are now headed elsewhere . . .
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.