Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill

– Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill:

Many Americans think of ‘their’ Social Security like a contract, similar to insurance benefits or personal property… we paid in all those years, so it’s just our own money coming back to us… That’s a perfectly understandable viewpoint. It’s also wrong.

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“This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming

“This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming:

I’ve written a lot about US public pension funds lately. Many of them are underfunded and will never be able to pay workers the promised benefits – at least without dumping a huge and unwelcome bill on taxpayers.

And since taxpayers are generally voters, it’s not at all clear they will pay that bill.

Readers outside the US might have felt safe reading those stories. There go those Americans again… However, if you live outside the US, your country may be more like ours than you think.

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“This Is A Crisis Greater Than Any Government Can Handle”: The $400 TRILLION Global Retirement Gap

“This Is A Crisis Greater Than Any Government Can Handle”: The $400 Trillion Global Retirement Gap:

“We think people can spend 35–40 years working and saving, then stop working and go on for another 20–30–40 years at the same comfort level – but with a growing percentage of retirees and a shrinking number of workers paying into the system. I’m sorry, but that’s magical thinking.”

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What Could Go Wrong? For Public Pensions, More Than You Know

…and go wrong it will.

What Could Go Wrong? For Public Pensions, More Than You Know:

And if you’re a public worker or retiree, you better think about how you will make ends meet if your benefits get slashed.

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Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years

“Of course, no amount of math and logic will ever be sufficient to convince a bunch of retired public employees that they have been sold a lie that will inevitably fail now or fail later (take your pick) if drastic measures aren’t taken in the very near future.”

Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years:

We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 – $84 billion underfunded, depending on which discount rate you feel inclined to use. As we’ve argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven’t a prayer of ever again being made whole.

That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to ‘kick the can down the road’ on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky’s 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state’s entire budget over a two-year period.

Read moreTeachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years

CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

While we’ve yet to experience any large municipal pension failures, which is just a matter of ‘when’ rather than ‘if’, the small pension failures sprinkled across the state of California are starting to pile up.* * *

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Pension Ponzi Exposed: Minnesota Underfunding Triples After Tweaking This One Small Assumption…

Pension Ponzi Exposed: Minnesota Underfunding Triples After Tweaking This One Small Assumption…:

We’ve argued for some time that pension accounting is a complete farce that allows administrators the flexibility to mask the true scale their underfundings…here is the proof…

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Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions

Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions:

“The phase-in of the actuarial assumption is another exercise in kicking the can down the road, but we’re not sure how far the can travels.  You pay less now, pay more later.”

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