Don Paul Posted September 19, 2010 Report Share Posted September 19, 2010 (edited) Many Pension Funds are Doomed The following article is one example of why "dot gov" will basically collapse, at every level. The threat is faced by teachers and all public service employees et cetera. All of their "retirements" are doomed. Fort Worth pension bubble will blow up in our faces ( http://www.star-telegram.com/2010/09/04/v-print/2445012/fort-worth-pension-bubble-will.html ) Almost all gov pension funds have put IOUs in these programs, like the teachers fund in Texas to build bridges. And they didnt even ask permission. You don't have to be an actuary to know that this pension plan will end badly. The technical phrase is "trending toward insolvency." The key problem is that the city is on the hook for all the promised benefits. Taxpayers will have to pony up hefty contributions for years, even generations, and the city may have to cut services to afford it. The pension for city employees is currently projected to pay out $432 million more than it brings in over the next 30 years. - K.T. Jon A. in New York recently sent me this: DiNapoli: Local governments face huge jump in pension costs.( http://www.syracuse.com/news/index.ssf/2010/09/dinapoli_local_governments_fac.html ) Jon's comment was: "I truly believe this is where the unrest will come from in this country: pensioners and/or welfare recipients ultimately receiving less than what they expected from the government." Meanwhile, we read: President Obama Plans to Cut Social Security Next. ( http://www.cnbc.com/id/38960604 ) The bottom line: Plan your own retirement, and as part of that, have a component that is heavy into tangibles. This will be your "fire insurance" against a collapse in the U.S. Dollar as a currency unit. Edited September 19, 2010 by Don Paul 1 Link to comment Share on other sites More sharing options...
MovieMaker Posted September 19, 2010 Report Share Posted September 19, 2010 Hmmmm, sad, scary, but true. WAKE UP take care of yourselves & your families! Great post Link to comment Share on other sites More sharing options...
Don Paul Posted September 19, 2010 Author Report Share Posted September 19, 2010 thanks. though many teachers didn't read the writing on the wall soon enough Link to comment Share on other sites More sharing options...
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