Four days ago I posted here the dramatic increase in the California per household debt imposed by underfunded state and local pension guarantees. Using the “market pension” earnings expected/required, this debt went from $77,700 per CA household in 2014 to $92,748 in 2015, making us easily the second worst state in the nation. http://www.flashreport.org/blog/2016/12/03/the-new-state-public-employee-pension-debt-figures-are-out-oh-dear/
Sadly, we just today got a more recent update — an estimate as of end of the last month (November, 2016). It’s gotten even worse. Incredibly, by a lot! See the chart below.
We’ve gone from $92,748 CA household debt at the end of 2015 to $106,848 as of last month. Egad!
The only good news is that since 1 December the stock market has rallied nicely (confounding progressives and their doomsday predictions). But since the end of the month the S&P 500 is currently up only 1.14% — not enough to offset the burgeoning pension debt obligation of California… Read More