The state is toast. There is no arguing that point anymore. The schools are a miserable failure, businesses are leaving in droves, and successful people are leaving the state. In the early 80's the drop acid, drop out hippies planned a takeover and it was wildly successful. Take over the libraries, then the city admin positions, then the schools. All lower paying jobs? No problem, they would just force the taxpayers to provide them with golden parachutes for their retirement. The golden parachutes weren't enough for some people. So what did they do? They made it ok to retire at 50 and then get rehired for a second retirement paid for by the taxpayers.
PERS funding has a 29 billion (yes Billion) dollar deficit. This will never, ever, be solvent. Oregon is bankrupt, both financially and morally. The liberal nirvana experiment has failed miserably and tortured and stolen from the private taxpayer, yet liberals fail to admit it or even try to fix it. As a matter of fact, they continue to make it worse. I know the libs on the TUG blindly and irresponsibly support this kind of irresponsibility, but the country can't survive this kind of infection if it happens to any more locations than it is already in (NYC, Detroit, St Louis, Chicago, all of CA, WA, etc) .
A $28 billion
Oregon's Public Employees Retirement System (PERS) is currently facing a significant funding deficit. The system ended last year with a $28 billion unfunded liability, which is the amount needed to cover every public worker's pension if they retire today. This deficit is a result of poor investment performance and the depletion of reserve accounts. The PERS Board has been criticized for failing to raise contributions adequately, leading to a large unfunded liability. The state is now preparing for a budget shortfall and is considering measures such as budget cuts and new sources of revenue to balance the budget and re-establish a financial buffer.
Oregon PERS Retirees, Inc.+2
PERS funding has a 29 billion (yes Billion) dollar deficit. This will never, ever, be solvent. Oregon is bankrupt, both financially and morally. The liberal nirvana experiment has failed miserably and tortured and stolen from the private taxpayer, yet liberals fail to admit it or even try to fix it. As a matter of fact, they continue to make it worse. I know the libs on the TUG blindly and irresponsibly support this kind of irresponsibility, but the country can't survive this kind of infection if it happens to any more locations than it is already in (NYC, Detroit, St Louis, Chicago, all of CA, WA, etc) .
A $28 billion
Oregon's Public Employees Retirement System (PERS) is currently facing a significant funding deficit. The system ended last year with a $28 billion unfunded liability, which is the amount needed to cover every public worker's pension if they retire today. This deficit is a result of poor investment performance and the depletion of reserve accounts. The PERS Board has been criticized for failing to raise contributions adequately, leading to a large unfunded liability. The state is now preparing for a budget shortfall and is considering measures such as budget cuts and new sources of revenue to balance the budget and re-establish a financial buffer.
Oregon PERS Retirees, Inc.+2
