With stock market losses this year, public pensions in the U.S. are now underfunded by more than $1 trillion.I'm gonna find me an accountant and hit them. Really. I am.
If all printers were determined not to print anything till they were sure it would offend nobody, there would be very little printed. -- Benjamin Franklin
Wednesday, March 4, 2009
Headlines We Don't Want To See
They surely include stuff like "Hidden Pension Fiasco May Foment Another $1 Trillion Bailout".The misleading numbers posted by retirement fund administrators help mask this reality: Public pensions in the U.S. had total liabilities of $2.9 trillion as of Dec. 16, according to the Center for Retirement Research at Boston College. Their total assets are about 30 percent less than that, at $2 trillion.
Is it bad of me to say that I'm seriously considering accounting as a career path now?
ReplyDeleteWell no, but frankly the post-Enron practice of institutionalized lying by firms about their books really does have to stop.
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