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Thread: AS I stated Major pension crisis starting in 2017

  1. #41

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    just WOW WOW WOW! There is going to be some p!ssed off retirees....I know I would be.
    Kinda gives new meaning to the phrase "blood in the streets"

    IMO the only possible non violent hope we have is Article 5 convention of states. That
    will not save the short comings posted about, but it may reel in tptb.
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  2. #42

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    Announcement: Moody's: US government pension shortfall overshadowed by Social Security, Medicare gaps



    New York, April 06, 2016 -- While the United States (Aaa stable) government's unfunded pension liabilities are significant, they are still overshadowed by the projected funding shortfalls for both the Social Security and Medicare programs, says Moody's Investors Service.

    The unfunded liabilities of the various federal employee pensions systems, covering civilian and military employee benefits, amount to about $3.5 trillion
    , or 20% of US GDP. Additionally, Moody's estimates that unfunded state and local government pension plan liabilities are of the same magnitude, bringing the total shortfall to 40% of GDP.

    However, historical precedent suggests that it is unlikely that the federal government will offer significant financial support for distressed state and local government pension plans. As a consequence, this portion of the liabilities only poses a small risk to the creditworthiness of the US.

    The bigger challenge to the US comes from the unfunded liabilities for the Social Security and Medicare programs. The Social Security funding gap is estimated at $13.4 trillion, or 75% of GDP, while the shortfall from the Hospital Insurance component of the Medicare program amounts $3.2 trillion, or 18% of GDP.



    https://www.moodys.com/research/Mood...are--PR_346878

  3. #43

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    SS would be in better shape if Bush and Cheney had not of absconded with $2.5T for their unfunded war games in the ME.
    What's the Frequency, Kenneth?

    432Hz

  4. #44

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    Quote Originally Posted by redraspberry View Post
    SS would be in better shape if Bush and Cheney had not of absconded with $2.5T for their unfunded war games in the ME.
    I think it would be in better shape if they had to go on Social Security for their retirement plan instead of the one they voted in for themselves.
    yep if they had to retire like the rest of the citizens, that system would be fixed in a hurry.
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  5. #45

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    Social Security is a Ponzi scheme.

    The only ones making money off it are private banks and people who make a living in the banking "industry" - which is a fraud not an industry producing anything of value in society.

    The best way is if people saved for themselves. Also nobody should ever be forced to pay for someone's elses' (i.e. govt employee) pension-for-life. Its a scam.

    About 10% of funds that people save can be earmarked for charity. However, the entire country cannot be a charity case. Only those who are disabled and truly unable to work should be eligible for that charity.

    I think that's the only fair system.

    People will soon come to figure out that the trillions handed out as banker bailouts & bonuses from 2008 onwards was paid for from the govt's retirement pot.

  6. #46
    Join Date
    Oct 2011
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    25,750

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    Quote Originally Posted by Silvercoin View Post
    Social Security is a Ponzi scheme.

    The only ones making money off it are private banks and people who make a living in the banking "industry" - which is a fraud not an industry producing anything of value in society.

    The best way is if people saved for themselves. Also nobody should ever be forced to pay for someone's elses' (i.e. govt employee) pension-for-life. Its a scam.

    About 10% of funds that people save can be earmarked for charity. However, the entire country cannot be a charity case. Only those who are disabled and truly unable to work should be eligible for that charity.

    I think that's the only fair system.

    People will soon come to figure out that the trillions handed out as banker bailouts & bonuses from 2008 onwards was paid for from the govt's retirement pot.
    6 million jobs?

    inct

  7. #47

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    Quote Originally Posted by Silvercoin View Post
    Social Security is a Ponzi scheme.

    The only ones making money off it are private banks and people who make a living in the banking "industry" - which is a fraud not an industry producing anything of value in society.

    The best way is if people saved for themselves. Also nobody should ever be forced to pay for someone's elses' (i.e. govt employee) pension-for-life. Its a scam.

    About 10% of funds that people save can be earmarked for charity. However, the entire country cannot be a charity case. Only those who are disabled and truly unable to work should be eligible for that charity.

    I think that's the only fair system.

    People will soon come to figure out that the trillions handed out as banker bailouts & bonuses from 2008 onwards was paid for from the govt's retirement pot.
    I alone have paid more than $70k into the S.S scam, being that Ive been mostly self employed the credit goes to me, easy peasy.... Now I started in the early 80s, granted my first employers (to learn a trade) matched my contributions then, but now for almost 30 years I've paid it all with labores that I alone provided. IF I had bought gold and silver stocks and physical (50/50) during all of those years(at those times) and too today, I would be sitting on much more value. About a million+. AND if that was the case (self directed) and I died today, there would be be a million plus in my estate for my loved ones, but as it is S.S system..if I died today my loved ones would get ZERO, there is no estate with S.S. unless your a dependent (all my dependents are 18 and older), then only maybe if you file the right paperwork, and my current wife would not, she is way to independent.


    But she does know the combo....
    Last edited by Westerner; 04-08-2016 at 09:41 PM.

  8. #48

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    Quote Originally Posted by Westerner View Post
    I alone have paid more than $70k into the S.S scam, being that Ive been mostly self employed the credit goes to me, easy peasy.... Now I started in the early 80s, granted my first employers (to learn a trade) matched my contributions then, but now for almost 30 years I've paid it all with labores that I alone provided. IF I had bought gold and silver stocks and physical (50/50) during all of those years(at those times) and too today, I would be sitting on much more value. About a million+. AND if that was the case (self directed) and I died today, there would be be a million plus in my estate for my loved ones, but as it is S.S system..if I died today my loved ones would get ZERO, there is no estate with S.S. unless your a dependent (all my dependents are 18 and older), then only maybe if you file the right paperwork, and my current wife would not, she is way to independent.

    But she does know the combo....

    Anyone who is counting on S.S. for retirement -- is very similar to so many others who feel entitled to other forms of welfare from government. Everyone should be aware of the scam it is -- the lie. It's just another tax to pay for present day big government indulgences -- with nothing being put away for your retirement. And would it be fare to force future generations of workers to pay for your retirement because you and your generation did not elect leaders who cared to save? I say not. Pensions are similar -- the trust in a "big brother" by so many naive and dependent workers. Adults need to stop having childlike faith in big government and institutions. Be responsible -- and put away some of your own savings -- and be careful that some of it is secure-- not reliant on big banker promises/fraud. (I know this is bad -- but I'm actually rooting for peoples pensions to collapse).

    I don't ever plan to file for S.S. Yes, I pay lots into it. That I see as a protection racket. Simply a fact of life I must accept. It's not even that big a deal. Only if they take my gold, guns, girls will I get mad (the 4th G, they can never take)
    Last edited by motocat; 04-09-2016 at 12:02 AM.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  9. #49

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    US Public Pension shortfall is 3X LARGER than Official Figures Showed, and Is Getting Bigger

    http://www.washingtonsblog.com/2016/...ng-bigger.html

  10. #50

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    Pension cuts loom for millions as big funds struggle


    21st April 2016, Comments 0 comments

    The assets of the Netherlands’ four biggest pension funds have fallen again, making it more likely that millions of people will face pension cuts next year.

    By law, a pension fund must have a coverage ratio of 105%, meaning its assets outweigh its obligations by 5%. However, that of the massive civil service fund ABP has now gone down to 90.4%, a drop of seven percentage points since the end of 2015.

    Health service fund Zorg & Welzijn and the two engineering funds also have a coverage ratio of around 90%.

    ‘Our financial position remains worrying,’ said ABP chairwoman Corien Wortmann-Kool. ‘We are heading to the danger zone and that means there is a real risk of a pension cut in 2017.’ ABP is one of the biggest pension funds in the world.

    The heads of the other three funds have made similar statements.

    If the pension funds have a coverage ratio of below 90% at the end of the year, they will have to cut pensions


    http://www.expatica.com/nl/news/DN-D...le_654332.html

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