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“Half of a Texas Homeowner’s Property Taxes Would be Needed to Pay Pension Contributions”

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Watchdog.org is a great site to read (and subscribe to) for nitty gritty (gritty) fiscal news. Doing a little search, back in 2011, Watchdog ran this headline:

Pension reformers warn of looming breaking point, cite governments’ ‘actuarial bullshit’

That was when legislators in tiny Rhode island voted overwhelmingly to remove pension benefits from all its employees and 21,000 retirees.

For pension reformers in Texas and across the country, Rhode Island was just a matter of time and a bellwether. In a report issued late last week, the Laura and John Arnold Foundation of Houston warned of underfunding of the nation’s public pensions by $1.26 trillion and the “catastrophic” municipal bankruptcies, pension debasement and wholesale public service cuts that were sure to follow if something wasn’t done.

This was written in 2011. That’s when Bill King, a Houston lawyer and columnist, helped found Texans For Public Pension Reform. His intent was to make pension reform an issue for the 2013 Legislature.

“I think the state needs to get the hell out of this (pension) business completely,” King told the Austin American-Statesman in August. Although he has pulled back a bit on that statement, King says that unless the state commits itself to paying fully each year for the pension promises it makes he can see a time in the next decade when half of a Texas homeowner’s property taxes would be needed to pay pension contributions.

Pensions, say these experts, will be the basis of the next financial downturn.

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Candy Evans

Candy Evans is one of the nation’s leading real estate reporters, bloggers and consultants. She reports on Dallas real estate for WFAA-TV’s Daybreak with Ron Corning, and is frequently called as a real estate expert by other Dallas media. She is also a real-estate editor for CultureMap Dallas, Modern Luxury Dallas, the Katy Trail Weekly and the White Rock Weekly. She even has her own web-based Real Estate show called, The Party Line. Candy has written for AOL Real Estate, and is a guest blogger for Joel Kotkin’s The New Geography, Inman Real Estate News plus a host of national sites. Candy was a longtime contributing editor to Dallas’ D Magazine and sister pubs, and in 2007 founded the wildly successful Dallas real estate blog, DallasDirt. That’s where she broke the news on where former president George W. Bush bought his Dallas home in 2008. She is the founder and publisher of an exciting platform of Dallas-based real estate sites including SecondShelters.com, devoted to the vacation home market, and her signature CandysDirt.com, everything you need to know about real estate in North Texas. And yes, we are still psyched about the GOLD! In 2013, CandysDirt.com was named Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations, and the only association for journalists covering real estate, home and urban design. We snatched silver in 2015, and who knows what 2016 brings...

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