We do know that the state's debt load is hundreds of billions of dollars, one of the largest, proportionately, of any state, when one counts unfunded liabilities for pensions and retiree health care. We know the governor and the Legislature are doing almost nothing about the latter.
We know that cities have something over $30 billion in bonded debt and counties another $20-plus billion, plus billions more in redevelopment debt. But those numbers don't count retiree obligations – and new accounting rules from Moody's Investor Service would, on paper, add tens of billions of dollars to their unfunded liabilities.
All in, with realistic pension fund earning projections, our governments may be upward of a trillion dollars in debt. Keeping afloat has become a major budget expense that robs money from other public needs.
Sunday, January 20, 2013
DanWalter's sobering words: