With each passing day, the pension problem grows
From a study to determine the amount of additional money that would have to be devoted annually to state and local pensions systems to achieve full funding in 30 years, a standard period over which governments target fully funded pensions:
- On average, a tax increase of $1,385 per U.S. household per year would be required. For some states, the number is much higher, including Minnesota where it’s $1,928.
From the Washington Post, reprinted in the St. Paul Pioneer Press, October 25, 2012