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Thread: AS I stated Major pension crisis starting in 2017

  1. #341

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    Fed Accounting Change Boosts Unfunded Pension Obligations


    In case you missed it, the Federal Reserve’s quarterly Financial Accounts report last week included a change to accounting for state and local pension-fund programs. The central bank revised its data for unfunded liabilities, applying a “projected benefit obligation” method instead of the prior “accumulated benefit obligation” approach. With the change increasing unfunded obligations by $2.3 trillion -- more than double the previous total -- “the Fed dropped a bomb,” according to Stephanie Pomboy of researcher MacroMavens LLC, who says states will eventually need to cut spending or raise taxes to compensate.


    https://www.bloomberg.com/news/artic...igations-chart

  2. #342

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    This is by no means prophecies of doom and gloom. Unfortunately, they are prophecies not even of a pessimist, but only facts that are comprehensible simply using a pocket calculator and not even a computer. The Pension Crisis is the end of Socialism

    https://www.armstrongeconomics.com/w...-the-bs-on-tv/

  3. #343
    Join Date
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    Quote Originally Posted by Silver and Gold View Post
    This is by no means prophecies of doom and gloom. Unfortunately, they are prophecies not even of a pessimist, but only facts that are comprehensible simply using a pocket calculator and not even a computer. The Pension Crisis is the end of Socialismhttps://www.armstrongeconomics.com/w...-the-bs-on-tv/
    There will always be some form of socialism. Bailing out the rich, the farmers and welfare. Perhaps the end of pensions as we know it in todays form.

    There was a great show on Frontline that dove into the problems in Ten. and also other states to a lesser degree. So many small facts came to light why it failed over time to list here. Worth watching.
    ...be your own Health Care System... grow your own and eat well

  4. #344

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    New York City Joins The “Imminent Bankruptcy” Club

    (Bloomberg) – New York City faces future health costs for its retired workers of $103.2 billion, an increase of $40 billion over a decade. It has about $5 billion set aside to pay the bill.

    The so-called “other post-employment benefits” liability was disclosed in New York’s comprehensive annual financial report released by the city comptroller’s office Wednesday. The city’s $98 billion unfunded liability for retiree health care exceeds the city’s $93 billion of bond debt and $48 billion pension-fund shortfall.

    https://www.bloomberg.com/news/artic...ee-health-care

  5. #345

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    Illinois will be so much better with a Dem Governor who wants to tax, tax, tax.....

    Teachers’ Retirement System to ask for $350 million more in next state budget

    https://www.ilnews.org/news/schools/teachers-retirement-system-to-ask-for-million-more-in-next/article_79aee788-de17-11e8-b88a-9b165e7b8dea.html

    Illinois Teachers’ Retirement System is only 40 percent funded…

    The Illinois Teachers’ Retirement System says it will need 10 percent more from taxpayers in the state’s next budget, which begins next summer, an increase of more than $350 million.

    The existing state budget included more than $4.3 billion for TRS. Next year, the ask could be north of $4.8 billion. TRS Executive Director Dick Ingram said that’s just the statutorily required contribution. He said the actuarial contribution level should be nearly $7.8 billion.

    TRS has the highest funding levels of the state’s five pension funds at 40 percent. That's despite a booming stock market. Ingram said investment returns will never be enough to make up for the unfunded liability created by years of underfunding from the state.
    What's the Frequency, Kenneth?

    432Hz

  6. #346

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    To many middle men/skimmers/corruption these days. A good example to hold up for example is Norway's sovereign wealth fund.
    https://www.rollingstone.com/politic...-funds-172774/

  7. #347
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    Quote Originally Posted by everything1 View Post
    To many middle men/skimmers/corruption these days. A good example to hold up for example is Norway's sovereign wealth fund.
    https://www.rollingstone.com/politic...-funds-172774/
    Thanks for the link Everything1. Matt Taibbi is one of USA's great reporters. Although this article is old, the same stuff goes on today, and by that I mean, to many middlemen fleecing the lamb. Pigs at the trough. Great article.
    ...be your own Health Care System... grow your own and eat well

  8. #348

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    Arizona Amends Its Constitutional Pension Protection Clause. World Doesn't End.



    Arizona has a state constitutional protection clause identical to ours in Illinois. Arizona also has a pension problem, though not as severe as ours.
    Arizona voters on Tuesday passed Prop 125 to amend their clause to allow benefit reductions. The amendment had bipartisan support. Details are linked here.

    So far, weíve seen no reports of the working class collapsing, vulture capitalists enslaving the masses, or dogs and cats living together.
    Nor have we seen any legal challenge based on federal constitutional issues. Itís inexcusable that Illinois hasnít acted to amend its pension clause, which our courts have interpreted as a suicide pact. An amendment might be challenged under the Contracts Clause in the United States Constitution, but we think that challenge would probably fail.
    What's the Frequency, Kenneth?

    432Hz

  9. #349

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    What's the Frequency, Kenneth?

    432Hz

  10. #350

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    Understanding The Central States Pension Plan's Tale Of Woe

    https://www.forbes.com/sites/ebauer/2018/12/03/understanding-the-central-states-pension-plans-tale-of-woe/#356ad4a86c10

    There is one plan, however, whose pension plan underfunding woes dwarf all others, and whose story needs to be told separately, and that's the Central States Teamsters Plan. This plan has 400,000 participants, and is funded at either a 38% level ("accrued liability", with a higher interest rate) or 28% ("current liability" - a lower rate), according to their most recent plan filings, with a total liability of $41 billion or $56 billion, depending on the interest rate, and assets of only about $15 billion. The plan is expected to be insolvent in 2025 if no actions are taken to remedy the situation. No other plan comes close to this level of shortfall, at least in terms of the absolute level of underfunding.
    So how did this plan get into so much trouble?
    What's the Frequency, Kenneth?

    432Hz

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