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.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
10 comments:
Why are the public pensions considered sacred? Private pensions have been getting shut down for decades. Let the public pensions end the same way that private pensions did. Companies could not afford the pensions so they stopped them. The public cannot afford them and Maryland is not different.
5:22 AM It is part of the deal. They pay low wages with the promise of affordable healthcare and a pension. If they drop the pension they will have to start paying livable and competitive wages
Want proof? Check out the crap wages the city / county pays then deduct 7% because thats what the mandatory deduction for YOUR part of the pension investment. Then deduct your basic taxes and you will see.
I looked at a job with the county that should have paid 45K and they were paying 30K now deduct 7% for pension and another 7% for state and another 12% for federal and another 7% for medicare and social security. Thats 33% in deductions. Your take home is 20K. Thats all you get to live on..... Welcome to Wicomico County.
Slowly but certainly the American Public will begin to realize that the Fed Bankers (international secret group of banking families) have ruined the economies of the entire planet. They have the power (collectively they control all of the Central Banks) to print currencies in all Countries (except for the "axis of evil" countries: N. Korea, Iran, Syria, Lybia) and they control / manipulate the Markets of the world including: COMEX, FOREX, LIBOR, so on.
They suppressed interest rates and then encouraged everyone on the planet to take on debt which can never be repaid.
They are the Masters of the Universe. Pure Evil.
522
We are talking about promises made to people for which the governments (Fed & States) did not save money.
They created fraudulent accounting practices which enabled them to not fund the future commitments made to employees.
Massive FRAUD has been committed.
Congressional perpetrators responsible ought to be slaughtered.
7:58 is coming around.
It IS, WAS, and CONTINUES to be FRAUD. If "we, the people" managed and spent our money the way our "leaders" do, we would be doing YEARS IN PRISON, based on laws passed by you-know-who.
YOU keep telling the rest of us how much "your guy" is going to "change things" and "shake things up".
Tell us now, how much change has "your guy" accomplished?
Hang them, throw them off the top of their building, imprison and starve them, it doesn't matter. The ONLY way they stop is when they stop breathing.
You can't stop cheering these snakes (except your guy- he's cool)?!
They are selling you out daily, stabbing you in the back, and taking everything you have, to include all your rights and all your privacy.
Keep cheering.
City of Salisbury employees this is your future after Jake day gets done pillaging your resources
Wow he's been in office not even a full term and you expect him to fix all the garbage Obama did to this country??
Md state retirees over 65 just got the news that in 2011, O'Malley passed changes to the state pension system that will cost them their prescription drug coverage. The state assembly voted to move the termination date up from 2020 to 2018. Affects 42,000 retirees. Talk about motivation to vote...
Being offered to be Union 45 years ago for the pension, I did the math and knew it would not pan out as it depended on a 6% steady interest rate, so I worked private. So why should I have to pay for thesebfools' false beliefs? I took My lumps, now you take yours.
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