Report: Unfunded liabilities digging deeper fiscal hole

There are 3 comments on the Lowell Sun story from Oct 18, 2013, titled Report: Unfunded liabilities digging deeper fiscal hole. In it, Lowell Sun reports that:

A government watchdog group says generous retirement benefits for state municipal workers has put the government in a deeper and deeper hole, with about 57 percent of $146 billion state and municipal pensions and health care still unfunded.

Join the discussion below, or Read more at Lowell Sun.

Lynch

Fitchburg, MA

#1 Oct 18, 2013
President Obama borrowed billions from the Chinese on his first day in order to fund these pensions.

Now the Republicans have just cost our country Billions in loss revenue from their childish shutdown.

I feel that we need a cap on pensions. The political scene in many towns and cities have experienced massive salary increases for workers who end up going out on pension.

Then there is a disability pension that has been seriously abused.
Lynch

Fitchburg, MA

#2 Oct 18, 2013
Don't fret, here is Wongs' plan,

"Fitchburg Mayor Lisa Wong hopes to tackle fully funding pensions by 2036, a plan she said the city will handle through its operating budget. Fitchburg has 42 percent of pensions funded with a total of $194 million in pension liability, according to the 2012 PERAC report.

"We have an older population of retirees than most cities so that has been a major burden on the city," Wong said. "Moving forward we have been conservative on hiring and have negotiated with unions to lower the cost of personnel, so that will help us in the long run."

Read more: http://www.lowellsun.com/todaysheadlines/ci_2... ;
Snitch boy

Leominster, MA

#3 Oct 18, 2013
Lynch wrote:
Don't fret, here is Wongs' plan,
"Fitchburg Mayor Lisa Wong hopes to tackle fully funding pensions by 2036, a plan she said the city will handle through its operating budget. Fitchburg has 42 percent of pensions funded with a total of $194 million in pension liability, according to the 2012 PERAC report.
"We have an older population of retirees than most cities so that has been a major burden on the city," Wong said. "Moving forward we have been conservative on hiring and have negotiated with unions to lower the cost of personnel, so that will help us in the long run."
Read more: http://www.lowellsun.com/todaysheadlines/ci_2... ;
Is there any chance that Facebook will take your crazy ranting ass back? Nobody wants to read your posts here either.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Personal Finance Discussions

Title Updated Last By Comments
News Social Security disability approvals decline (Dec '13) 10 hr racism is wrong 92
News Lost generations 12 hr bac ky chi biet lim 4
ssd solution chemical/black money cleaning (Nov '12) 21 hr Siti Nurul 49
News Quit protecting financial crooks (Oct '09) 22 hr swedenforever 11
Life and health insurance products Thu Mathewmiller 1
News Hands off our retirement money! Should Ottawa l... Wed Farmworkers make ... 1
Hass and Associates Accounting: Fake buyout bid... Wed imogemiller16 1
More from around the web