Friday, October 2, 2009

Shocker: Another Entitlement Program Bankrupt

Congress is in the midst of possibly creating a whole new government entitlement program via government-run healthcare and at the state level, a KU study reveals the Kansas Public Employees Retirement System is "bankrupt". Shocking!

At the federal level, Medicaid, Medicare, and Social Security are all rapidly becoming insolvent and yet liberals are insistent government do more, spend more, and promise more people! This will for sure be front and center for the state legislature when they reconvene in January.

From the Lawrence-Journal World:

TOPEKA - A Kansas House committee is preparing to take up the state pension system's long-term funding problems.

Chairman Kevin Yoder says the Appropriations Committee will review a recent report about the Kansas Public Employees Retirement System at a meeting next week.

The report by the University of Kansas describes KPERS as "bankrupt."

State officials disagree but acknowledge significant funding issues in the pension fund for teachers and government workers.

Late last year, KPERS projected the gap between its income and expenses over the next 25 years at $8.3 billion. However, KPERS officials say no current retirees' benefits are in danger.

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