BY FRANK KEEGAN – Here is a New Year’s resolution every American private sector worker must keep no matter what: Write a check for $14,150 Jan. 1 to make up for state and municipal pension shortfalls. Prepare to write one every year for 30 years. This is on top of all other taxes and fees governments at all levels gouge from us.
Taxpayers – through governments and public workers – pumped $25 billion into the top 100 pension funds in three months ending Sept. 30, according to the latest report. Those fund’s managers paid out $52 billion and lost $199 billion in market value. How deep into the fiscal abyss do they have to plunge us before somebody wakes up?