News From State Budget Solutions - October

News From State Budget Solutions

October 2013


The Betrayal of Pensioners and Taxpayers highlighted in State Budget Solution Report
These stories must be told, join us today and share your story

Last month, State Budget Solutions released an in-depth report, Promises Made, Promises Broken—The Betrayal of Pensioners and Taxpayers. The report illustrates how state-administered employee pensions across the country are underfunded by a shocking $4.1 trillion. Sadly, pensions in the city of Detroit are underfunded by a staggering $3.5 billion. Americans from coast-to-coast are effected by underfunded public pensions, and we want to hear those stories. We're asking you to share this newsletter with your colleagues, family and friends. The stories of broken pension promises must be told and we're asking people to chime in with those stories by responding to this email before Friday, October 11th at 3 pm.

Retirement security: A thing of the past?

Imagine for a moment you are a single parent named Janice. Janice’s husband, John, served his community as a firefighter in Detroit for 25 years. He lost his battle with cancer a year ago. John’s loving and supportive wife is not eligible for social security. She and John accepted a promise from the city of Detroit that they would be taken care of by his pension. But, what once seemed like a rock solid promise may, unfortunately, be broken. Janice’s retirement that once seemed so secure is now highly insecure.
For many in Detroit and around the nation, this worry is all too real and this story hits close to home. How did this happen?

State Budget Solutions In the News

State Budget Solutions is a known expert in fiscal responsibility and pension reform. Every month, countless media outlets and financial professionals cite the work of SBS's expert analysis and publish the opinions of SBS leaders.

New report shows New Jersey’s Pension System dramatically underfunded
New Jersey Newsroom - October 2, 2013

A new study by a non-profit reform advocacy organization, has revealed that New Jersey’s pension plan is funded at only 33 percent of what was promised. This begs the question, why is New Jersey’s pension plan being significantly underfunded?

State Budget Solutions, published the report. One issue it puts forward is the unfunded liabilities that may cause a future threat to state government finances. The author of the report, Cory Eucalitto, has said that the problem is too big to ignore. Read More

‘Shotgun’ Medicaid expansion triggers higher costs, mortality
Virginia Watchdog - October 3, 2013

Higher mortality rates and higher taxpayer costs are two probable outcomes of Medicaid expansion in Virginia, a new report warns.

Rebutting a Commonwealth Institute study that forecast a financial windfall, State Budget Solutions, a government-reform think tank, found that “Medicaid has fallen short of delivering proper health care to low-income residents, and other expansions of Medicaid have fallen short of delivering the promised cost savings.” Read More

The Williams Report

As a former state legislator, gubernatorial candidate and auditor with the Government Accountability Office, State Budget Solutions' President Bob Williams is a national expert in fiscal and tax policies.  Each week, he compiles the latest news and headlines pertaining to state budgets, collective bargaining and state public pensions into The Williams Report.

Teachers can receive a $300-400 rebate for CTA political spending. Union Watch

DeBlasio wants tax hike in next NY state budget. Wall Street Journal

Legislature approves pension changes.  Retired government workerswill see their pensions grow at a slower rate. For decades, pension checks have increased at a rate of 2 percent annually. Now, the first $60,000 will increase by 1.25 percent per year and the rest will grow by 0.15 percent. The lowest-income retirees will temporarily get supplemental payments to help mitigate the

Read More Williams Report