A look at the latest U.S. Census data shows that over four years the geniuses running state pensions lost almost 20 percent — $552 billion in total investment value — and blew more than $600 billion of income needed to pay benefits. They lost $4.33 for every dollar public workers “contributed.”
However, the geniuses did manage to pocket $36.6 billion in “Other Expenses” for themselves and their pals in the process.
That puts funds almost $1.3 trillion behind where they promised to be and increased the real long-term funding shortfall to well over $4 trillion despite taxpayers pumping $378 billion into the void through employee and government “contributions.”
Why do rank-and-file public workers continue to feed this devouring beast? Maybe it’s because they think oblivious taxpayers will endure decades of service cuts and tax increases to pay for it. They should think again.