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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (22804)2/3/2005 1:18:47 PM
From: RealMuLan  Read Replies (1) of 116555
 
"By 2003, reserves plus the long-term value of all Social Security taxes to be paid by current workers over their lifetimes totaled $3.5 trillion. But benefits owed retirees and these same workers over that period totaled $14 trillion.

And Social Security is only the tip of the iceberg. Public pension funds are also in trouble. Of the 123 largest funds monitored by the Wilshire Group, 79 percent are underfunded. Nine states have liabilities that exceed their annual budgets, and the total shortfall could be as high as $1 trillion within seven years. With all other state, municipal, and county funds added in, the number could be $2 trillion."

governing.com
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