Yet another reason why taxes are going up, cities and states are going broke, and the world is approaching financial implosion…
As if the world needed another dangerous and volatile factor in the mix of looming economic downturn.
Unfunded liabilities for pensions have been a problem for a while now, but as investors continue to face fleeting returns, many states and cities are facing the music… and when it stops, there won’t be enough money to go around.
Someone will lose their savings, their standard of living, their retirement and maybe their future. Others will be taxed to death to clean up the mess of the many places were the system is cracked, fissured and falling apart.
According to FT:
The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies.
[…] the collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger.
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The Fed’s solution never changes.
David DeGerolamo
Achieving a massive die-off of pension-collecting “useless eaters” is just one of the reasons why the globalists absolutely must have a World War as part of their exit strategy from their century of systematic global pillage.
This presents another aspect of their insistence that every nation have a government-run healthcare insurance and management system. Its not just to reduce direct medical costs, by declining to provide comprehensive care for those past retirement age (which would be abomination in itself), it is also their preferred means of accelerating the expiration of all pension obligations (federal, state, local, and private) to the “baby boomer generation”, thus killing the unfunded liabilities before they come to be claimed.
When examining the costs and benefits of health insurance, the only implementation worse than a for-profit private model, is the state-run model where you are nothing more than an unfunded liability once you retire, or become incapable of working, whether by illness, accident, or unhealthy living.
This is the most dangerous aspect of “putting our healthcare and retirement funding eggs in the same government basket”. After all, the prime purpose of government (according to the Progressive mindset) is to take things away from us.
WE HAVE BEEN WARNED