I believe George Washington is credited with saying that the last official act of any government is to loot the treasury. As it appears this country is headed to even more dark times, it appears the State pension and retirement funds have a $1,000,000,000,000 ($1 trillion) shortfall and States are worried how this shortfall will be covered. Will the people get upset once they realize that their retirement and pension funds have been looted?
Source: Reuters
U.S. states face a total shortfall of at least $1 trillion in their funds for employees' pensions and retirement benefits, and their financial problems are quickly mounting, according to a report released by the Pew Center on the States on Thursday.
Illinois is in the worst shape, with only 54 percent of its pension obligations funded, according to the report, which looked at fiscal year 2008.
Source: Reuters
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