Sunday, December 28, 2008

The Vallejo Precedent

In the discussion of the bankruptcy of Vallejo, CA comes this Factoid of the Day:

Consider this staggering comparison: State and local public employees comprise approximately 12 percent of the U.S. workforce and have an estimated $800 billion or more of unfunded pension liabilities (not counting other post-employment benefits). By comparison, employees in the private or corporate sector make up about 78 percent of the U.S. workforce with an estimated $450 billion of unfunded liabilities.

I foresee a steaming pile on a beeline towards our primary air circulation driver.