You need to take a good look at this report. Gives you the health of every state pension plan in the country. Some states are in disastrous shape.
“New Jersey, California, New York, Texas and Illinois face a hundred billion plus deficit when it comes to paying for the benefits other than pensions promised to state retirees.
The State of New Jersey’s unfunded liability for post-retirement benefits other than pensions in state health care plans reached $174.9 billion in 2022. That was the highest in the country, according to a report by the American Legislative Exchange Council. The report stated the nationwide costs of state-sponsored post-retirement benefits reached $1.14 trillion in 2022.
California ($140.2 billion), New York ($133.2 billion), Texas ($120.2 billion) and Illinois ($103.1 billion) rounded out the top five states with the highest liabilities.
Other Post-Employment Benefits are referred to as OPEB by actuaries and includes costs such as retiree health care, life insurance, Medicare Supplement Insurance and deferred compensation.
Nebraska and South Dakota didn’t have any unfunded liabilities.
Hawaii had the highest per-capita cost of unfunded liabilities at $19,933. Hawaii’s overall unfunded OPEB liability was $28.2 billion, ranking it 11th highest in the U.S.”
Powell on 60 Minutes: We screwed up.
With $34 trillion in debt destabilizing the financial system, Jerome Powell finally admits the obvious: That federal spending is "unsustainable."
Of course, he was a big part of that, with the Fed printing most of the Covid $7 trillion.… pic.twitter.com/lOuPVHl2PV
— Peter St Onge, Ph.D. (@profstonge) February 12, 2024
h/t telling it straight
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