The System Is About to Burst Open: TRILLIONS In Unfunded Pensions “Foreshadow A Bleak Future”
http://www.shtfplan.com/commodities/the-system-is-about-to-burst-open-trillions-in-unfunded-pensions ^ | 22-Dec-16 | Shaun Bradley / FR Posted by ARGLOCKGUY
For millions of public sector workers in the U.S., state-run pension funds are the only chance left for a comfortable retirement. In the hopes of providing a stable future for their families, an entire generation was duped into putting decades of their earnings into these supposedly ‘risk-free’ investments.
Unfortunately, those who have entrusted the government to manage their life savings may end up destitute as a result.
Budgetary shortfalls that have plagued Detroit for years are now spreading to other municipalities. Since 2008, six local governments have been forced to renegotiate their debts in bankruptcy court, with many others on the same trajectory. The scale of the problem has been repeatedly understated by the media, but across the nation, a somber reality is beginning to set in.
States with large populations, like California, often find themselves in the spotlight when it comes to deficits, but there are several others that are in even worse shape. Illinois, New Jersey, and Connecticut are among those facing the biggest hurdles to meet their obligations to retirees.
Instead of maintaining a surplus, politicians have continuously prioritized spending today on things like sports stadiums, for example, to ensure re-election. Policymakers on both sides of the aisle have echoed solutions that involve either massive cuts to benefits or shifting the financial burden onto the taxpayer.
The price to prop up these insolvent funds will come in the form of higher property taxes, income taxes, and other stealth forms of subsidization.
The ongoing exodus of people from the Northeast to states that offer better opportunities and a lower cost of living is putting even more stress on the already fragile system. Pension payouts depend on the contributions of current workers, and as the labor force dwindles, so does the money available.
When you extorted your unjustifiable contracts, you didn’t care about the Taxpayers that will be forced to pay for your salary and benefits that is more, and better, than theirs, no…
You said: Either give me what I want, or I will hurt you.
I will GO ON STRIKE and I WILL HURT YOU!!!
NOT, If you don’t give me what I want, I will quit, and get a different job… NO!
It was, GIVE ME WHAT I WANT OR I WILL HURT YOU!!!
You were told over, and over, and over again, through the years, and extorted contracts, that it was unsustainable.
But YOU didn’t listen, and YOU didn’t care.
And the local government said OK, because there was nothing they could do, And, knowing it would be somebody else’s problem down the road, well...
Well, guess what?
It’s down the road, and now… it’s YOUR problem!!!
The trough is empty, and the teat is dry.
Can you hear ME now???
You were all fat dumb and happy as long as your snout was in the PublicTrough up past your eyeballs,
but now…
Now… that the food level has dropped below Your eyes, even YOU can see the writing on the wall as well as the rest of us.
There WILL be reduced benefits to be sure, if not outright eliminations…
And guess what???
I, DON’T, CARE!!!