Oregon Pensions $2.4 Billion More In The Hole Overnight

More pension trouble:

The official estimate of the deficit for Oregon’s public pension system climbed by $2.4 billion Friday.

As a result, state and local agencies and school districts face even higher pension costs over the next two decades than they had earlier expected.

And the new deficit figure continues to fuel controversy over what the governor and state Legislature should do to ease those rate increases.

The new debt figure is the result of a unanimous vote by the board that oversees the Oregon Public Employees Retirement System. They chose Friday to reduce an estimate of how much PERS expects to earn on its investments from 7.5 percent a year to 7.2 percent.

That has the impact of raising the official estimate of the system’s debt from $21.8 billion to just over $24 billion.

Some PERS observers had argued that the board should even more aggressively cut its assumed rate of return, saying that it remains overly rosy.

All of these pensions are this far under, now, using rosy numbers which are not even honest about how things are now. If they were honest, these would all be worse, and when the Apocalypse hits, the value of the majority of the “investments” they are counting as assets now will evaporate entirely.

If there were any sanity, now is when we would go ultra K, eliminate welfare and EBT assistance, encourage our dependent population to travel overseas to more generous welfarite nations, and then pour the money into these pension systems to at least shore them up.

But afflicted by the r-strategy, we can’t make the jump. We need that suffering to program in the psychology that will protect us against it.

So be it.

Spread r/K Theory, because nobody will be safe