Monday, March 29, 2010

State and Local taxpayers take another $180 bil hit

in 2008.

Soooo......taxpayers saw the value of their own 401k and IRA accounts go down and NO ONE will help them.

Now they learn that they must make up losses in State and Local Government pension funds most of which are fully funded by taxpayers in the first place.

Taxpayers get screwed...again.

Link

The nation’s state and local government employee retirement systems totaled $3.2 trillion in holdings and assets in 2008, a loss of $178.8 billion, according to new data released by the U.S. Census Bureau.

These data come from the 2008 State and Local Government Employee Retirement Systems Survey, which provides an annual look at the financial activity of the nation’s state and local public employee retirement systems, including cash and security investment holdings, receipts and payments.

“Shortfalls in state and local government pension plans may have long-term consequences for some state and local governments,” said Lisa Blumerman, chief of the Census Bureau’s Governments Division. “These data allow the user to annually monitor the characteristics of these retirement systems.”