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 - according to former Federal Reserve advisor, and President of Money Strong, Danielle DiMartino Booth.
As she picks apart the danger signs with the US on the precipice of recession, it’s the impending pensions crisis that keeps her awake at night, sharing the gloomy sentiment laid out in an extensive March 2016 Citi report titled "The coming pensions crisis."
With few people taking part in what little recovery the US has 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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3 comments:
This is what concerns me trump will be left holding the bag of excrement provided by the tag-team Republican and Democratic globalists that preceded him. They have sold out the country. He hopefully can clean up this up.
43 years ago, I was offered to go Union for the "benefits and retirement". I could see then, at 19, that it was a pyramid scheme, and by the time I would be retiring, (now) it would be underfunded and uncollectible.
Now, I'm a poor genius!
711
If you think Mr. Trump can fix this Country then you are very naive about how bad it really is.
These problems were created by super smart criminals in the banking industry.l
Nobody can fix this stuff.
Nobody.
Hold on to your hats because it is going to get bumpy.
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