30 years of $1400 tax hikes needed to fund government pensions. Obama already plundering funds.

Got an extra $1,400 in your pocket?

That’s how much you’ll have to pay in tax hikes every year for the next 30 years to cover the exploding costs of government employee pensions.

“The study, co-authored by Joshua Rauh of Northwestern University and Robert Novy-Marx of the University of Rochester, both of whom are finance professors, argues that states will have to cut services or raise taxes to make up funding gaps if promises made to municipal employees are to be honored,” Reuters reports.

The Obama administration has already adopted one plan – raising the pensions of non-union workers and giving their retirement funds to unions that support his campaign.

“The administration gave union employees of auto parts supplier Delphi Corp. preferential treatment over nonunion, salaried employees when the U.S. took over Delphi's pension plan, GOP representatives say,” The Los Angeles Times reports.