Jul 18 2011
I’m in the process of researching the various holes of debt that the SC taxpayer is on the hook for. Here’s the troubling news so far:
$ 9.5 billion-OPEB unfunded liability (other post employment benefits)
$ 13 billion-SRS unfunded liability (state retirement system)
$ 10.4 billion-Local debt (municipalities, counties, school districts, & special purpose districts)
$ 1.4 billion-Higher Education debt
$ 750 million -Unemployment Insurance Federal debt
One thing to remember is that that unfunded liabilities are based on “pie in the sky” assumptions and faulty actuarial methods. We should be getting a clearer picture of these figues soon.