Tuesday, May 7, 2013

New Normal State Budgets

WATCHBLOG: The new normal – or – two charts that demonstrate how screwed Pennsylvania is | PA Independent: " . . . Think the $1.5 billion the state is spending on pensions this year is causing budget problems? The total will crank up to around $6 billion in fiscal year 2034-35. And the annual contribution will increase every single year for the next two decades, at least. The pension crisis is not a passing trend, folks, this is the new normal of state government budgeting. The costs could be even higher and it could take even longer to pay off the debt if lawmakers continue to avoid putting in the full annual contribution that the actuaries running the funds say is necessary, or if the funds fail to generate their expected 7.5 percent annual returns. . . ."

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