On the local news last night a fund manager was being interviewed about the condition of Michigan public pensions. They are already 3 Trillion+ in the hole and he predicts another Trillion in the hole this year.
The interviewer shook his head and commented that these are people who put their lives on the line every day, and educate our children. All they did was agree to a contract that promised them a retirement, so these people didn’t plan for themselves……..
The fund manager said the only solutions going forward are the public employees suffer a 15-25% cut in promises next year and possibly more the next year, or we must raise taxes.
On the local news last night a fund manager was being interviewed about the condition of Michigan public pensions. They are already 3 Trillion+ in the hole and he predicts another Trillion in the hole this year.
The interviewer shook his head and commented that these are people who put their lives on the line every day, and educate our children. All they did was agree to a contract that promised them a retirement, so these people didn’t plan for themselves……..
The fund manager said the only solutions going forward are the public employees suffer a 15-25% cut in promises next year and possibly more the next year, or we must raise taxes.
The future is looking dim.