TAXPAYERS WILL PAY $3 TRILLION IN PENSIONS

Even if the costly state pension system undergoes reform, taxpayers could get stuck with a hefty bill.

Under the current system, unfunded benefit liabilities -- the amount states owe in promised retirement benefits beyond what they've collected -- exceed $3 trillion.

Even moderate policy changes, which are highly controversial, would only trim that amount by a pinch, according to a recent study released Thursday by Northwestern University economist Joshua Rauh.

For example, reducing cost-of-living adjustments by 1% would decrease the total liabilities by up to 11%, while raising the retirement age by one year would cut costs by up to 4%.

And even more severe changes, like eliminating cost-of-living adjustments and implementing Social Security retirement age parameters would only shave the bill by half to $1.5 trillion, the study said.

"The bottom line is that even much more drastic versions of the policy actions currently being discussed don't come close to solving the problem, since so much of the pension debt is owed to workers who have already retired," Rauh said.

He added that more than half of the unfunded liabilities are owed to workers who have already retired, and instead of seriously considering the idea to cut current retirees' benefits, states are focused on revamping the system to affect new workers.

"Assuming states don't start defaulting on their bonds and other debt, it seems like taxpayers will be footing most of the multi-trillion dollar bill for the pension promises that states have already made to workers."

Earlier this year, Rauh predicted that pension funds in at least seven states could dry up by 2020, and 31 states could be in trouble by 2030.

JOE JACKSON SEEKS A FAMILY ALLOWANCE FROM MICHAEL JACKSON'S ESTATE

Joe Jackson does not stand to inherit any of his son's assets and cannot challenge the appointment of the executors chosen by the singer to handle his will, according to the judge.

Superior Court Judge Mitchell Beckloff said Joe Jackson was not named in the will but he could pursue a motion to receive a family allowance because he claimed Michael supported him.

His expenses exceed $15,000 a month, according to court documents. The 2002 will of Michael Jackson omitted any mention of his father. The court documents said Joe Jackson receives $1,700 monthly from Social Security, and he relied on his son for support for many years.

The documents stated, "He does not have a regular source of income, and he was dependent upon the money provided by his son, Michael Jackson, through his wife, Katherine Jackson, for his support.

The judge has scheduled a hearing for December 10 on Joe Jackson's request for the family allowance. Katherine Jackson's new probate attorney Adam Streisand suggested that she would support that request.

PRESIDENT OBAMA : PUT THE HEALTH PLAN ONLINE !!!

I think the president should put the health plan online for everyone in the U S that wants to know if this plan follows the constitution. People out there are showing their ignorance by not knowing that social security and medicare are some form of socialized medicine.

One lady looked so foolish when she was questioned by the Hardball show about these topics and she didn't know. She didn't think that medi cal and social security should be abolished. She said her parents were nearing the age when they would be eligible for these programs.

If the president wants transparancy on the health plan, everyone should have a copy of it available to them so they do not have to depend on their represenative, who is probably looking at the same sound bites for cable shows.

ALREADY FEELING PINCH OF ECONOMY : HEALTH CARE

A friend of mine lost her job last year. She has been looking for a job but there aren't any jobs and age is a factor. She doesn't have health care nor dental. Her tooth has been bothering her for awhile and she had no relief.

She went to several practices and they turned her away because she had no cash. She receives social security. She cannot get medicare until she is 65 years old. The university or county hospital that will pull her tooth, stated they only pull teeth.

They will not do cleanings, root canals or crowns. It was a rude awakening for this lady. She was hoping to get a job and medical and dental coverage. This is a preview of the coverage of the government health plan. There will be no frills.