When this one blows up, don’t let anybody tell you that they didn’t see it coming.
It’s as obvious as the housing bubble that started it all.
It is just like New Jersey Governor Chris Christie said: “The credit card is maxed out and it’s over.”
If you doubt that watch this…State Budgets: Day of Reckoning
By the way, according to a report released by the PEW Center in February, there is a now $1 trillion dollar gap between what states have promised their workers and what they’ve actually set aside to pay those bills.
Behind the spin, States have set aside only $2.35 trillion of the $3.35 trillion they’ve promised their current and retired workers in pension, health care, and other retirement benefits.
Want to know how your state stacks up?… You can read the full PEW Report click here.
Or better yet you can click here for a great interactive maps from Forbes entitled: Is Your State a Debt Disaster
California’s $500 Billion Hole
The Brewing Pension Funding Crisis
Public Pension Funds Head to Vegas
Chanos: The “cracking of state and local municipalities is coming”
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