2013 August 05 Monday
Public Pension Funds Going Deeper Underwater

The Illinois state employee pension plans are the most underfunded at the state level. Illinois looks like a place to avoid. The taxes will go up and state services will go down.

A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.

Click thru and look at their graphs and tables.

The sorts of people who can generate the incomes (and therefore tax revenues) to pay all these liabilities are becoming rarer. Of course this means the Republicans are road kill. But the demographic ascent of the Democrats into power will give them something like command of the Titanic as it hits an iceberg. In fact, the Democrats decided to head for the iceberg as their sure fire way to get permanent control of the ship.

Have you thought about your life raft?

Share |      By Randall Parker at 2013 August 05 08:31 PM 


Comments
How to Deal with the Decline said at August 6, 2013 8:56 AM:

That's the question, isn't it. Almost every day I read comments on your blog or Sailer. We all have a good laugh at the silliness of liberals or show how HBD matters. But in the end, we don't talk about the really important issue: How should we deal with the fact that this country is moving toward 2nd or 3rd World status. Now, I'm actually not one of those who believe that some secession will occur. If I had to guess, I'd say that we'll slowly drift toward some form of Brazil or Mexico, at which point immigration will slow or stop simply because life for lower end Americans won't be that different that that for lower end Salvadorans.

How best to handle this. Emigration is an option for younger people. But Canada, Australia and NZ aren't going to take that many white Americans. I guess that the best you can do is try and help your family by learning skills that will pay enough to live in the gated communities and/or expensive suburbs. In a sense, upper-middle class whites - whether we want to or not - will have to abandon working-class whites. Sorry, guys, this lifeboat is full. Good luck with the blacks and Mexicans.

Of course, the problem with that scenario is that odds are that at least a few of my grand kids will be working-class white.

Daniel said at August 6, 2013 12:32 PM:

I predict that the courts will force state and municipal governments to raise income and property taxes in order to pay these pension obligations. So much for democracy.

James Bowery said at August 6, 2013 3:03 PM:

"How to Deal with the Decline" says: "Of course, the problem with that scenario is that odds are that at least a few of my grand kids will be working-class white."

The problem with that scenario is that there may not be a working class if automation keeps eliminating work. There will be public sector rentiers and private sector rentiers slugging it out in a group selectionist battle for fertile age females*: between regulatory capture of the government and voting bloc capture of the government.

*Aspiring "artists" in NYC end up as Wall Street office ornaments via temp agencies until they're "downsized" a few years before menopause, and Washington D.C.'s fertile age female saturation is legendary -- as Henry Kissinger's statement "Power is the ultimate aphrodisiac" attests.

shiva1008 said at August 6, 2013 7:38 PM:

I already tried moving abroad. Some things are better here and some things are better there. I'm just tired of the mental calculus of trying to find "the perfect place with absolutely no problems."

But then again, I'm of the mindset that I want to render service to society and help other human beings. It's hard for most people to have a job, career and family abroad. Running hustles, living off savings, and joining communes are more likely outcomes.

Then again you also have to consider that I was a visitor when I was in India, and with that came special status. But it also had its disadvantages. As an expatriate you are never really integrated with the culture - because people organically tend to form communities and identify you based on "where you're from." Americans are the only ones who don't do that.

So, like I said, I just got tired of the whole thing and decided I'm going down with the ship. Just because America is s****y doesn't mean you can't render valuable service to other living beings here. Some people get off on that shit--like EMT's and battlefield surgeons. I want to stay where I am and try to make things better or even just try to maintain civilization, maybe beget some offspring who are conscientious and decent people. Everyone talks about creating and destroying, but maintaining is actually harder than either of them. In America people don't respect those who maintain vital infrastructure and utilities, but if someone builds a shopping center they will be like all "wowww". It's all superficial. Some people say oh just tear civilization down, it will be better that way. But we don't want to get to the level of cultural collapse. Certain types of collapse are natural within the cycle of civilization, but we don't want to get to the point of full collapse. It's all explained in Dmitry Orlov's new book:

http://cluborlov.blogspot.com/p/the-five-stages-of-collapse.html

I would like to move abroad, but only if I could do so in the context of my current career. I wouldn't want to give up being a productive member of society to go live on the fringe of society just because "things are so much better over there." lol

Kudzu Bob said at August 6, 2013 8:24 PM:

The best thing that the Republican Party can do is die. Its corpse can then serve as fertilizer for a truly right-wing party.

Check it out said at August 7, 2013 5:37 PM:

"It's all explained in Dmitry Orlov's new book:"

Yes, people have too much faith, specially faith in the continuity of things. Given enough time everything changes.

All institutions in this world have an expiration date.

JHP said at August 8, 2013 2:46 PM:

"Have you thought about your life raft?"

Gold, silver, brass and lead.

Sam said at August 12, 2013 4:33 PM:

The democrats aren't worried. They got all the bullets. Anyone who opposes them will be placed in the gulag.


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