Underfunded government pensions to the tune of $1.3 trillion, with a gap that just can’t be filled, is the ticking time bomb facing the US economy, which faces dramatic cuts in public services and potentially riots reminiscent of Athens six years ago.
Danielle DiMartino Booth is the tough talking former Federal Reserve advisor and President of Money Strong, with an insider’s perspective on finance. As she picks apart the danger signs with the US on the precipice of recession, it’s the impending pensions crisis that’s really keeping her awake at night.
With so few people privy to what little recovery we’ve had and given how stretched pensions are, checks are going to have to be written from Washington sooner than you think, DiMartino Booth told Real Vision TV in an interview.
“The Baby Boomers are no longer an actuarial theory,” she said. “They're a reality. The checks are being written.”
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This system was set up on purpose to destroy America.
ReplyDeleteCorporations who off-shored jobs and promised pensions to existing employees under-funded the pensions.
Ditto for municipal (local) governments and even States. They under-funded the pension which they promised to people.
It is criminal and it was done on purpose.
Now it is coming to a head.
Very sad because there is no escape from the catastrophe.
In addition, many Congresses stole the Social Security Trust Fund.
That too, was criminal. It was a Trust Fund for crying out loud!
Our Country has been destroyed by the financial elites who run the Federal Reserve Bank. The politicians are beholden to these parasites.
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ReplyDeleteHear here!
Well stated.