health

New York owes $200 billion in retiree health care costs - but there's no money

Saturday, January 08, 2011 by: David Gutierrez, staff writer
Tags: New York, health care costs, health news

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
The five biggest lies about Ebola being pushed by government and mass media
White House admits staging fake vaccination operation to gather DNA from the public
Why does the CDC own a patent on Ebola 'invention?'
Ultraviolet light robot kills Ebola in two minutes; why doesn't every hospital have one of these?
EXCLUSIVE: Natural News tests flu vaccine for heavy metals, finds 25,000 times higher mercury level than EPA limit for water
Irrefutable proof we are all being sprayed with poison: 571 tons of toxic lead 'chemtrailed' into America's skies every year
Truvia sweetener a powerful pesticide; scientists shocked as fruit flies die in less than a week from eating GMO-derived erythritol
Russia taking McDonald's to court, threatens countrywide shutdown
Oregon man serving prison sentence for collecting rainwater on his own property
Senator who attacked Doctor Oz over dietary supplements received over $146,000 in campaign contributions from Big Pharma mega-retailer and Monsanto
Global warming data FAKED by government to fit climate change fictions
Healthy 12-year-old girl dies shortly after receiving HPV vaccine
HOAX confirmed: Michelle Obama 'GMOs for children' campaign a parody of modern agricultural politics
Ebola outbreak may already be uncontrollable; Monsanto invests in Ebola treatment drug company as pandemic spreads
Ben & Jerry's switches to non-GMO, Fair Trade ice cream ingredients
W.H.O. contradicts CDC, admits Ebola can spread via coughing, sneezing and by touching contaminated surfaces
Elliot Rodger, like nearly all young killers, was taking psychiatric drugs (Xanax)
BREAKING: CDC whistleblower confesses to MMR vaccine research fraud in historic public statement
Delicious
(NaturalNews) New York State, along with its cities and counties, have promised $200 billion worth of retirement health care benefits to their employees, and no one knows where that money is going to come from, according to a study conducted by the Empire Center for New York State Policy.

Unless the governments in question figure out a way to raise that money, they will soon be forced to decide between paying the promised health care bills and paying other expenses, such as the $264 billion in bonds that they also owe. With rising health care costs, a faltering economy, and steady public opposition to higher taxes and bailouts, the problem is only likely to worsen in the coming years.

"In fact, the cost of our 'health' is spiraling so far out of control that the Health Care Financing Administration predicted that our system would cost 16 trillion dollars by 2030," write T. Colin Campbell and Thomas M. Campbell II in their book The China Study.

"We have seen almost a 300 percent increase in expenditures, as a percentage of GDP, in less than 40 years!"

The report's authors warn that although their study focused on New York, the problems are not unique to that state.

Credit analysts are currently predicting that if forced to choose between defaulting on health care payments and defaulting on bond payments, governments will choose to pay down their bonds. This will inevitably lead to lawsuits as retirees attempt to claim the benefits that they were promised as city, county or state employees.

According to Jerry A. Webman of Oppenheimer Funds, such defaults are nearly unheard of, meaning that there is little precedent for resolving them.

"It will be a mess," Webman said. "There will be a lot of disputes, a lot of litigation."

Indeed, retirees have already begun suing in cases where governments have tried to shift more health care costs back toward them.

Sources for this story include: http://www.nytimes.com/2010/10/13/business/1....

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.