The gross financial mismanagement exhibited by folks in the SC General Assembly, coupled with the recklessness of the SC Retirement System, has created an over $15 billion unfunded liability under the state’s public employee pension plan.
All the while, the SC Investment Commission has paid out more than $300 million in fees to Wall Street investment houses to lose billions of dollars in state money.
What does this mean for the average South Carolinian? A significant potential tax-hike, if the retirement pension plan isn’t returned to solvency and transparency afforded our state’s checkbook.
I believe that the Office of the Treasurer in South Carolina is a “firewall” between taxpayers and a potential tax-hike.
That’s why I invited SC Treasurer Curtis Loftis to come by “Common Cents” yesterday to discuss the State of our State’s finances.
Let’s keep South Carolina “open for business,” by keeping our household accounts in order.
Yours in the fight,