KEEGAN: States, municipalities must make pension reform top funding priority

By   /  January 4, 2013  /  Commentary  /  No Comments

BROKEN PROMISES: Politicians are up against the edge of a fiscal abyss.

State and local politicians may think they can relax as third quarter tax revenues showed 12 consecutive quarters of growth year over year. But that would be a mistake in light of pension investments that again failed to erase any of more than $5 trillion owed to government workers.

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KEEGAN: Report ignores NJ pension corruption

By   /  December 17, 2012  /  Commentary  /  1 Comment

DIPPERS: Of all factors pushing New Jersey off its own self-inflicted fiscal cliff, the biggest is the hidden pension debt built up over decades.

How can anybody fill 88 pages on New Jersey’s fiscal catastrophe and not once use the word “corruption”? That is what authors of the State Budget Crisis Task Force New Jersey Report managed to do.

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KEEGAN: Kentucky state pension catastrophe a warning to others

By   /  December 16, 2012  /  Commentary  /  1 Comment

IN TATTERS: Kentucky Retirement Systems officials recently revealed that officially they have only 27-cents to pay every dollar of promised benefits.

What one whistleblower calls “a culture of cover-up and corruption” in Kentucky caused pension debt that puts government workers’ retirement at risk and citizens on the hook for billions of dollars in tax increases and service cuts.

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KEEGAN: New ‘issue brief’ ignores government pension ‘pathology’

By   /  December 10, 2012  /  Commentary  /  No Comments

IGNORE IT: the most repulsive aspect of the NIRS brief is extensive explanation of how destitute private sector workers — the ones who will be taxed into oblivion to pay government pensions — are when it comes to retirement.

By Frank Keegan | State Budget Solutions
Only three things are missing from a National Institute on Retirement Security “issue brief” released last week on proposals to freeze local and state defined benefit pension plans in a shift to defined contribution plans that limit taxpayer risk.
First is the “pathology” that more than any other factor put America in a […]

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KEEGAN: New ‘State of the States’ fiscal crisis study recognizes reality

By   /  December 10, 2012  /  Commentary  /  No Comments

ADMIT IT: State and local politicians, like alcoholics, have been telling taxpayers, government workers and themselves that they don't have a problem. If recognition is the first step towards recovery, the State of the States Report is progress, indeed

By Frank Keegan | State Budget Solutions
The “State of the States” report released recently puts hidden state and local debt at $7.3 trillion, stating: “States do not account to citizens in ways that are transparent, timely or accessible.” If state and local governments fail to act decisively now, cities, towns and counties will go bankrupt, and states could fall […]

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KEEGAN: Revenue crisis? Citizens should have such a revenue crisis

By   /  December 7, 2012  /  Commentary  /  No Comments

RIGHT: The government has plenty of cash. The U.S. Census report confirms it.

By Frank Keegan | State Budget Solutions
The U.S. Census Bureau on Thursday released its Annual Survey of State Government Finances for 2011, and it shows the “revenue crisis” politicians have been blaming on the Great Recession is false.
In reality, “General Revenues” remained above historic 2007 highs throughout the recession, and “Taxes” revenue dropped below historic highs in only […]

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