Unfunded funnies

Our Advocate does indeed, as I predicted yesterday, inform it’s readership that Christmas is 23 days away.
No doubt, tomorrow, if trends continue, it will be reported that the magic day is 22 days away. It’s always good to be ahead of the press.
Meanwhile, no word on the number of days until the coming melt down of the economy, the takeover of 1/6th of the economy with socialized medicine, or the tar and feathering of any particular politician.
“Retirement funding reviewed” is the headline of the day: it’s just a word away from “healthcare funding reviewed” coming to a clinic near you. And what is the problem? Seems the state is $4.8 billion in new debt for public retirement money. The state budget is some $29 billion. So the retirement cost of the wondrous state workers consumes 20% of our state budget. Or maybe it would if we wouldn’t be increasing the debt, and you know, actually paying the bill.
“Much of the debt,” says our Advocate with a completely serene face, is “called unfunded accrued liability.” AKA: DEBT YOU CAN’T PAY.
Still, it’s decades old, “from past decisions to skip state payments to the systems.” Ah, so good to know that previous politicians, like one or two serving time in jail, kicked the ball down the field to today, where we can um, deal with it.
Let’s look at the change in word from “retirement” to “healthcare” = state payments skipped — ah, no dent in the quality of care then, for Our Landrieu will go to Washington to get the money, which was first taken from Louisiana before it’s vacation seeing the cherry trees of the tidal basin at the Jefferson Memorial. (The real Jefferson, not the one with $90,000 in funded liability he’ll contemplate in jail.)
The combined debt of four systems (state employees, and um, teachers, school employees and state police, who are um, all state employees,) is only $16 Billion. Up from just a paltry 12 billion buckeroos from June 2008. So, in a sense, one half of the money the state is due to spend this year could go to, I guess, fund the accrued liabilities, aka DEBT.
Now, it’s a political decision, all this, for the legislature must get into the game to discuss the retirement plans of the workers. And they are getting a bonus called a per diem to attend to the morass.
Just as it will be a (bigger) political decision, all this, for the legislature must get into the game to discuss the health plans of the workers.
Now, if some silly plan had been proposed long ago, oh I don’t know — letting the workers put their own money in the bank of their choice so they could determine their own retirement plan, then well, we’d have unemployed legislators and unfunded accrued liability counselors — AKA DEBT COUNSELING
Now, if this was the real world, a private company would possibly go into bankruptcy court, if not now, soon enough. Not to worry though, for there is a pot of money in Washington, and I’m sure Landrieu is on the floor of the Senate right now, helping to craft a 1000 page bill to adequately raise taxes on us all to pay for the few and avoid all that unpleasantness of unfunded anything.
I had always thought the state was supposed to actually fund the things they passed, but apparently I was wrong. (No I wasn’t, it’s been an unfunded farce for a while now.)
Of course, Landrieu’s new found $300,000,000 will not at all alleviate state unfunded accrued liabilities, but it certainly will add to our federal unfunded accrued liabilities, aka DEBT.
As will the 1 to 6 trillion dollar new health care bill (it all depends on who is counting what to see what the combined level of current, new and future taxes will be required to cover the unfunded accrued liabilities, aka DEBT.)
In another article on the front page of those advocating for us it is said that “state government’s workforce numbers roughly 100,000 people.” One would have thought an accurate count would be needed just to cut the paychecks, but no. Though it does clash with the 92,000 reported just a week or so ago by our Advocate. A 10,000 unknown accrued workforce? Hmmm.
Meanwhile, state treasurer Kennedy says that there are 16,000 vacancies a year, which is a 16% turnover rate, which is high indeed. But Commissioner of Administration Angele Davis disputed the contention.
So, what is the number of state employees in the four “separate” systems with so much in unfunded accrued liabilities aka DEBT?
Beats Kennedy, Davis, our Advocate and me. Which means we are all on the same unturned page together, which is good, I guess.
But if anyone thinks that this can continue, well, then, I’ve got a bridge to somewhere to sell you.
Then, though, there is one thing, apparently that the state leads the South in: “Kennedy said Louisiana leads the South in the size of its state work force.”
Yes, the only southern state to lose people in the past two decades, as GA, NC, TX, VA and FL particularly grew by leaps and bounds in taxpaying citizens, we have grabbed the bull by the tail and kept up state employment and unfunded accrued liabilities like a banana republic.
But the Saints are 11-0, which is the circus that the politicians are giving us (they funded the Superdome with $65 million new bucks as their owner used his own money to buy a nearby skyscraper so he could but the word “Sucker” on top in big three story high neon red letters,) as we consider how to fund our accrued liability called HUNGER, as more taxes are sucked out of our pockets by Landrieu so she can give them back to us. Thanks Ms. Clause — and there were a lot clauses indeed in the two pages of law that was required to say “Louisiana” in her contribution to the unfunded accruing of liabilities. Yes, well, three words for every one. U.A.L. for DEBT.
Well, at least she wants us to stay put here in the swamp, while her colleague Kent Conrad of ND, due north from us, said “If you don’t like it you can leave.” Not sure how I would pay for the flight out nor to whither I would go, and considering my family already escaped the Emperor of Austria, the National Socialists (aka NAZIs) and the Soviet Socialists and rather like this Republic we wound up in.
Ah, what a land. And just 23 days until Santa brings us some goodies financed by unfunded accrued liabilities, known as Christmas Spending.
Now, if all those ZEROS in all these unfunded things were footballs that represent touch downs the Saints are sure to win the Superbowl. Yeah.


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