Pension Shocker: Plans Face $2 Trillion Shortfall, Moody's Says

Zero Hedge ^ | 07/18/2015 | Tyler Durden

[SeekAndFind]

[dfwgator]

Let me show you my shocked face.

[SeekAndFind]

[SeekAndFind]

[SeekAndFind]

WHAT IT LOOKED LIKE 5 YEARS AGO

[Lurker]

We’re number 1! We’re number 1!!

[Gay State Conservative]

Except for uniformed members of the Armed Forces...and military retirees...government paychecks and retirement checks have been a scam of prodigious proportions for decades.

[minnesota_bound]

The state and feds plan on stealing your savings to pay for their pensions.

[SeekAndFind]

[Chgogal]

FYI

[MaxMax]

Other people's money was fun to spend. Gov jobs shouldn't be profitable, they
should be service to the community and a stepping stone. Like flipping burgers.

[umgud]

Sounds like all they need is a bigger can.

[sgtyork]

There must be some falsehood in this map and analysis. I’ve been told many times that Walker has destroyed the Wisconsin economy. Specifically, I’ve been told that Minnesota is a paragon economy.

Of course living next to Illinois we are waiting for the final moments.

[Wally_Kalbacken]

Note to those non-lawyers in the audience:

As presently constituted the Bankruptcy Code only allows Chapter 9 for debtors that are municipalities (i.e. agencies or sub-units of the state), but not states themselves. Depending on how these obliterations are carried (i.e., as that of the State of Illinois or that of the State of Illinois Pension Agency - which might qualify for Chapter 9) there is either a solution in bankruptcy or no solution.

For the heavily Democrat states, you should expect Obama to attempt a convoluted federal bailout.

This should be another winning issue for the GOP in 2016.

[MSF BU]

I am surprised that with all of the recent oil money seen in North Dakota the state has not fully funded pensions.

[MSF BU]

Alaska really has no excuse.

[apoliticalone]

The correlation between the pension gravy train for US govt workers and politicians (vs private sector) and the similar correlating in the communist Soviet Union can not be understated. Just like in the USSR you are either in the gravy train club of cronies, or you are out. The bill is then sent to the private sector.

I also put enormous blame on the bailed out Wall St banksters.

[LongWayHome]

This is what happens when every city clerk & paper-mover in the most obscure town halls retire with millions between salary & pensions.

[mythenjoseph]

Why would you want the GOP to ?....they have passed everything a conservative loathes...F K the GOP!...Cruz/Walker/Trump (if he goes the distance)....everyone else is a traitor and enemy to our republic.