CEPTA (Concerned East Penn Taxpayers Association) sponsored another great presentation for the public as it relates to taxes, public pensions and deficits and where Lehigh County may be heading.
The presentation was given by Dean Browning, a previous Lehigh County Commissioner and he gave an excellent presentation on where our public service pensions are headed and how we got there.
Below are some of the statistics he mentioned during his presentation while talking about the differences between the public and private pensions and how the public pensions have sky rocketed and the effects these massive public pension deficits will have on the taxpayers.
In Pennsylvania the SERS (State Employee Retirement System) and the PSERS (Public School Employee Retirement System) combined public pensions are underfunded by $72 Billion. If we were to completely or fully fund this $72 Billion PA public pension deficit each taxpayer in the state would need to write a check for ~$5,470.00 today.
Lehigh County’s deficit of ~$89.5 Million would cost each taxpayer $540.00 to fully fund their public pensions.
Best of all, Dean explains what we can do to reverse this catastrophic trend.
Below is the full video of his presentation