New York State Requires A $2,250 Per Year Household Tax Increase To Cover It's Pension Costs

              The Grim Economic Reaper's toll for public employee pension promises in New York and other states is available in 

The Revenue Demands of Public Employee Pension Promises

       by Robert Novy-Marx, University of Rochester/NBER

and Joshua D. Rauh, Kellogg School of Management/ NBER
         dated June 2011

The following tables are excerpted: (GSP = Gross State Product)


 Contributions, Payroll, and Revenues for State and Local Systems
Government Contributions Incl Social Security  
                    Total Payroll    Revenues % of GSP   per household

New York        $65.8  Billions        1.2%                  $1,738.8
Rhode Island      $2.4                  1.3%                    $1,557.3
Hawaii               $3.7                  1.1%                    $1,436.4
Virginia             $17.5                 1.0%                    $1,374.0
California        $108.1                 1.0%                    $1,368.8
Alaska                $2.3                 0.7%                    $1,234.7
Illinois              $29.3                 1.0%                    $1,215.3
New Mexico      $4.7                  1.2%                    $1,180.6
Nevada             $5.2                  0.9%                    $1,147.2
New Jersey     $26.9                  0.7%                    $1,078.0

Required Increases for Full Funding by State, No Policy Change
                      Gvt Contributions           Required Contribution Increase
             Current($B)  Total Required   Revenue % of GSP   per household
New Jersey $3.6           $11.9                           1.7%         $2,475
New York  $13.1          $30.0                           1.5%         $2,250
Oregon       $1.3           $4.4                            1.9%         $2,140
Wyoming    $0.2           $0.6                            1.2%         $2,080
Ohio           $3.1          $12.2                           1.9%         $2,051
California   $19.5         $47.8                            1.5%        $1,994
Minnesota   $1.7          $5.6                             1.5%        $1,928
Illinois        $6.0         $15.5                             1.5%        $1,907


        New York State is the overall winner, when you add the numbers from each table to get the total spending required. And things are worse than they appear because many of the households in New York don't pay taxes, so the $2,250 additional tax required per taxpaying household per year increases.  NY Comptroller reports 4.52 million residents out of the total 19.4 million NYS  population are Medicaid eligible and thus unable to contribute

Oh, somewhere in our favored land the sun is shining bright;

The band is playing somewhere, and somewhere hearts are light,

And somewhere men are laughing, and somewhere children shout;

But here in New York, the taxpayers will strike out