Life in "Progress" State - Rhode Island edition

One of the things that has always stumped me about liberals is their propensity for never taking an inventory of the success of their beliefs.

For instance, I've never read one liberal piece analyzing the success of their anti poverty programs.

In addition, I have yet to read a liberal discuss how it is that the bluest of blue states face pension meltdowns and how they plan to clean up the mess they created.............

Rhode Island is the nation's smallest state. But its pension problem may well be the largest in the land.

The state is on the hook for billions of dollars' worth of pension benefits owed to police officers, firefighters, teachers, judges and state workers. But the money's not there. Projected investment gains never happened. State actuarial projections failed to keep up with public workers who are retiring earlier and living longer.

Estimates put Rhode Island's unfunded liability for public workers' pensions at $7 billion, slightly less than the entire state budget for one year. To make good on promises to public workers, the state must pour more and more into the pension system every year, from $319 million in 2011 to $765 million in 2015 and $1.3 billion in 2028.

Several states including Ohio, Illinois and California face even larger unfunded pension costs, but when Rhode Island's cost is divided among its 1 million residents, it becomes clear that it has one of the weakest pension systems in the nation.

"We kind of go back and forth with Illinois as to who is last," said Treasurer Gina Raimondo, who took office in January and has made the pension problem her top priority. Raimondo and Gov. Lincoln Chafee are working on a pension overhaul bill they hope to submit to lawmakers soon.

Let's face it. If Ohio failed to enact SB5, we'd be in the same ballpark with these other losers.....

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