A lot of people seem to think there is no major concern. It's interesting, Illinois is basically a start-up if they can declare bankruptcy, unpaid bills basically vanish, all cba's are ripped up. I had a discussion with a union guy, 10 yrs left, thinks the pension will be there. I said at least have alternative retirement plan, be smart.Originally Posted by Save Us
I really do think Cuomo is pushing agenda on small towns with the property tax cuts. No way these towns can receive less revenue but have a increase in payments each year.
When your biggest employer is government, which doesn't make or produce anything and exists for it's own sake then you are going to have a problem down the road. Most people are ignorant with regard to how our economy actually works, and why we are in so much trouble. Joe six pack could care less. Again this is why areas lose population. You can add Illinois to the list of states that people will leave right up there with CT, NJ, NY.
Maybe pension receivers can pay the property taxes ? Oh, wait, they live in AZ or FL
I'm surprised NY isn't higher
Again going on assumption, from: http://www.osc.state.ny.us/retire/ab...2016/index.php (Page 29)
Of the 440,943 retirees and beneficiaries in the System, 345,643 (78 percent) remain New York State residents. As such,
benefit payments surpassing $8.6 billion this year alone reach the State’s communities and businesses, and impact the
State’s economy.
“We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson
Not so fast skippy, put the kool aid down and read this.
WATCHDOG REPORT: Baby Boomer retirees flee NY by Press connects part of the USA today news network Nov. 2014
New York State is increasingly driving away one of the most powerful economic assets to come along in generations — Baby Boomers in their retirement years.
Come retirement, relatively well-off boomers in New York stampede for the borders to flee the state's high taxes and cost of living, according to several indicators.
Yet state policymakers have been slow to address a retiree flight, say those who are sounding the alarm. Left unchecked, billions of dollars in spending and tax revenues will be leaving the state with the departing retired Baby Boomers, who now range in age from 50 to 68.
Between 2004 and 2011, Internal Revenue Service data that tracks taxpayers moving in and out of states showed that New York lost $20.5 billion in total income with nearly 40 percent of that income flowing to Florida, a state that assesses no income tax. Not all that sum can be attributed to retirees, but it indicates that New York is losing both retirees and a share of its working core.
In 2012, more Boomers left New York — after accounting for those coming and those going — than any other state in the nation.
Will you stay or leave N.Y. when you retire?
While New York's retirees have long been been fleeing to Florida and other warmer states to escape the cold weather, the outflow is increasing. Now, even those retirees who would have preferred to stay in New York with the cold winter weather are moving south for a more hospitable tax climate.
"Economically speaking, the Baby Boomers are a powerhouse group, and they're heading for the hills," said David Irwin, communications manager for AARP in New York.
Retirement planners say they are seeing an increasing trend among Baby Boom retirees opting to leave New York. The movement that should alarm policymakers because it poses a potential for drastic shortfalls in state income tax revenue in future years, say economic experts.
"This is the story of Michigan and Detroit, only larger," said Arthur Laffer, former Reagan administration economic adviser and now chief executive of Laffer Associates, an economic research and consulting firm in Nashville, Tenn. When comparing New York to virtually any other state on a retirement cost-of-living basis, the Empire State always comes out on the losing side, he said.
Never looked back
Retiree migration is part of a larger issue for New York: The state is losing the competitive battle for all residents.
During the 12 months ended July 1, 2013, the Census Bureau estimated New York lost 104,000 residents to other states, according to data compiled by the Empire Center, The number was the largest net domestic migration loss sustained by any state, according to Empire Center calculations.
"I'm not sure it's on the radar as much as it needs to be," said Assemblywoman Donna Lupardo, D-Endwell, who has expressed concern that by the time the state reacts to Boomer flight it may be too late. "Hopefully, we can add some urgency to the issue."
Stanford believes the pensions to be worse across the board. http://www.kersteninstitute.org/ Divide the unfunded US debt for federal employee pensions, medicare, and social security, and the share for each of us is $320,000.
Add that to your share of your State's unfunded pensions and we are talking about some serious liabilities that will at some point bring down the financial system, the economy, and the governments that made all these pie in the sky promises. I would point out that this will also create serious social decline, but that already seems to be happening if you look at the widespread belief that government is obligated to take care of us at the expense of our neighbors.
Stanford University’s pension tracker database pegs the market value of California’s total pension debt at $1 trillion or $93,000 per California household in 2015.
In 2014, California’s total pension debt was calculated at $77,700 per household, but has increased dramatically in response to abysmal investment returns at California’s public pension funds that hover at or below zero percent annual returns.
"A Ponzi scheme (/ˈpɒn.zi/; also a Ponzi game) is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities."
The scheme collapses when money coming in cannot keep up with money going out. This pretty much describes what is happening at the Federal level and many state levels. Problem is that everyone gets money from the federal government. You can only print, borrow, bond so much before you collapse.
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