Feed on
Posts
Comments

But the government cannot sue itself. I’ve posted many times about this, here it is again more succinctly:

Andrew G. Biggs writes,

State pension funds are underfunded by over $3 trillion; this is more than six times the $438 billion in underfunding the plans themselves report. Pension shortfalls far exceed explicit state debts.

Current state pension accounting practices are inaccurate and outmoded. Private pension plans would not be allowed to use such methods.

Of course, no one will ever be sued by the SEC, prosecuted by the DOJ, or McCarthied by a Congressional committee for this. Or for the equivalent Federal fraud in making untenable promises for future Social Security and Medicare entitlements.Because this fraud is perpetrated by people who were Elected, it is sanctioned by Divine Right. Anyway, it cannot possibly be fraud, because government is “us.”

14 Responses to “If This is Not Fraud, Then What Is?”

  1. Speedmaster says:

    If a private company in NY was doing this AG Cuomo would be on it like stink on a monkey. 😉

  2. Harry says:

    One of the great ironies is that state pension plans are defined-benefit plans, and therefore employees have little to care about immediately when the economy tanks and the stock market (or the price of any equity, including real estate goes south. But many state-sponsored pension funds have taken a huge hit in their assorted investments, which over the years have been in, dare I say, sophisticated investments, including credit default swaps, not to mention collaterized debt obligations that own too many slivers of shopping malls. The idea was you didn’t have to go to the taxpayers to fund all your promises, assuming you were riding the gravy train of free market capitalism.

    When it came to stoking the boiler of that engine, though, few of them would have much interest, even though they may have noticed that the train was losing some steam. Thank goodness they did not have their money in a 401-K, or ever had to think about saving a bit before buying that Chevrolet Silverado to tow the boat.

    Now Calpers is strapped, as are the pension funds of many states and municipalities, and some are realizing that Nancy Pelosi’s theories about economics are downright nuts. Unemployed people, thinking of when their meager compensation will run out, which they know it will, are horrified when the administration says 9% unemployment may persist for several years. They fear the government is lying, and that it may be much more severe.

    Would it not be a good idea to stoke the boiler of that train, instead of continually devising ways to making breaks in the tracks in between stations?

  3. 374961 345611You ought to experience a contest personally with the finest blogs on-line. Im going to suggest this page! 399510

  4. more here says:

    857990 73864I like this post a good deal. I will definitely be back. Hope that I is going to be able to read a lot more insightful posts then. Will probably be sharing your information with all of my associates! 441428

  5. 67830 55940I genuinely treasure your piece of function, Great post. 30187

  6. 531448 969644If you are needing to produce alteration in an individuals llife, during i would say the Are typically Bodyweight peeling off pounds training course are a wide path within the direction of gaining any search. la weight loss 933601

  7. chat rooms says:

    683973 386887Maintain up the excellent function , I read few weblog posts on this site and I believe that your web site is real interesting and has bands of excellent information . 909020

  8. 902566 938052You need to be very astute at research and writing. This shows up within your original and special content material. I agree with your primary points on this subject. This content really should be seen by a lot more readers. 768316

  9. 257542 716588I take great pleasure in reading articles with quality content material. This write-up is one such writing that I can appreciate. Keep up the great work. 321057

  10. altogel says:

    846234 488520Aw, this was a truly nice post. In concept I wish to put in writing like this moreover ?taking time and actual effort to make an exceptional write-up?however what can I say?I procrastinate alot and by no indicates seem to get something done. 115906

  11. 801452 404906Id need to speak to you here. Which isnt something Which i do! I adore to reading a post that need to get folks to feel. Also, thank you for permitting me to comment! 303430

  12. 253261 282411Directories such given that the Yellow Websites need to have not list them, so unlisted numbers strength sometimes be alive more harm than financial assistance. 973974

  13. 669771 30290I just couldnt go away your web site before suggesting that I in fact enjoyed the standard data an individual offer on your visitors? Is gonna be back regularly so that you can inspect new posts. 585340

  14. 197992 280432I always was concerned in this topic and stock still am, regards for posting . 733614

Leave a Reply