A Wake-Up Call for Public Pension Systems
Jason Russell | 10/03/2014 |
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For decades, public pension systems have been doling out more than they take in. Labor unions have stymied reform efforts, but the latest estimates of the public pension gap may finally serve as a wake-up call.
A new study from Moody’s Investors Service, the bond credit rating business, reports that the level of unfunded liabilities for the 25 largest state and local U.S. public pensions is now more than $2 trillion. The gap is more than three times higher than it was just a decade ago.
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No one wants to see pensioners live poorer lives, caused by broken promises and bankrupt pensions. The public pension system’s integrity must be protected with common-sense reforms that acknowledge the reality of the constantly growing pension gap. The ideal reform for struggling pension systems would be a switch from defined-benefit to defined-contribution pension plans.
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For the various Pepuls Republiks of Nu Jerzee, Nu Jerk, Taxachusetts, Kalifornication, and Flori-Duh, it’s too late.
The Teachers Unions, the politicians, the bureaucrats, and Crony Capitalists control the Gooferment.
Best possible outcome for the poor and the taxpayers is that these “disaster zones” go broke. Like Detroit.
Withdraw your consent by leaving these “theft zones”.
Expect the worst.
Buy a mini bond, you must be out of your mind.
Even a silver coin will preserve your wealth better!
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