Everybody had better get thoroughly used to the idea that this is NOTHING. Pensions for officers and enlisted who have ALREADY EARNED them are going to slashed. It’s not politics that will do it, either.
It’s mathematics.
15 Trillion in debt is intolerable. If there is ANY ATTEMPT to have a vibrantly growing economy, interest on that debt will jump. That interest expense will choke off any growth.
The party is over and now it’s time to die. Pensions, even for those already receiving them, are going to stop. There is no money for them. Recipients will sue and courts will either be defunded before they can rule, or the judges will have to recuse themselves as being party to the suit (as a future pension recipient).
I agree. There is so much pain ahead. I haven't figured out what I need to do to protect IRA funds from the calamity ahead. Where will be a safe place for assets? Should I just take the pain of paying taxes on such a sum?
I'm concerned that the economy is headed into a drop into an abyss of incredible depth. Imagine standing on the top of the Saint Louis Arch. Every day moves us further along toward the increasing downward slope. The effort to keep from sliding further down increases with every step until finally there is no stopping the plunge. The bottom will be only seconds away.
How far out on the edge are we with 15 trillion in debt growing by 1.5 trillion per year, perhaps another 50 to 100 trillion in underfunded entitlement programs, multi-trillions in underfunded public pension funds, and states and municipalities heading into bankruptcy.
The state of Illinois and a county in Alabama are examples of the next phase. Promised payments just stop. Unhappy recipients are forced to compromise, much like those holding Greek bonds. These 157 officers are NOTHING compared to what is coming.