America’s silent crisis is no longer… silent.
MarketWatch columnist Jeff Reeves has warned that “collapsing pensions will fuel America’s next financial crisis.”
“This is not a distant concern,” he adds, “but a system already in crisis.”
By some estimates, America’s public pensions alone are sunk in a $6 trillion abyss.
According to the Federal Reserve, pensions — public and private combined — were roughly 27% underfunded as of last year.
Meantime, vast hordes of pensioners are entering or approaching retirement.
Come at the dilemma from any angle… and you come upon a labyrinth.
How has the American pension come to such a sad pass?
As far as public pensions run, the answer is close by.