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Warning to all police, firefighters, schoolteachers: Most government pensions to be confiscated within a decade


As the Detroit Free Press now reports: Early this year, the Pew Center released a survey showing that 61 of the nation's largest cities - limiting the survey to the largest city in each state and all other cities with more than 500,000 people - had a gap of more than $217 billion in unfunded pension and health care liabilities. ... The top 10 biggest U.S. cities on the brink of pension bankruptcy According to Business Insider , here are the top 10 U.S....

Illinois is about to declare a state of bankruptcy and seize all state pension funds, just as the Health Ranger repeatedly warned for the last year


Samuelson $119 billion pension unfunded liabilities , Congress must approve bankruptcy , debt crisis , Governor Bruce Rauner , Millions for fees and usury , State of Illinois , Susana A. ... According to Chicagobusiness.com, the unfunded liabilities of all of past, present and future retires has ballooned to $119 billion, or about “$10,000 for each man, woman and child in the state .” "...

A pension time bomb is waiting to explode across America... and pensioners will be left penniless when the reckoning comes


A pension time bomb is waiting to explode across America… and pensioners will be left penniless when the reckoning comes Tuesday, April 16, 2019 by: Ethan Huff bull market , central banks , Collapse , crash , economics , Federal Reserve , finance , financial bubble , financial collapse , government employees , liability , pension crisis , pensioners , pensions , Ponzi scheme , public pensions , risk , stock market - (Natural News ) Despite a bull market that’s been running strong ...

California's takeaway plan: Take away your medical choice, pensions, guns, gold and freedom


California's ongoing pension crisis, for instance, has led to nearly $200 billion in unfunded liability - up from just $6.3 billion in 2003. ... Many other states are suffering similar unfunded liabilities, with a collective pension debt total of some $4.7 trillion nationwide . "...

America's true national debt is around $135 trillion, not the $27 trillion we are being told


Unfunded Medicare promises clocked in the highest at $57.09 trillion in liabilities, followed by unfunded Social Security promises at $44.09 trillion. Publicly held debt is currently around $20.43 trillion, while pension and retiree health care liabilities are estimated at around $8.44 trillion. "...

Bankrupt Illinois just body-slammed citizens as legislature approved whopping 32 PERCENT hike in income taxes, but it won’t stop the fiscal COLLAPSE


Not included in the budget were any provisions to roll back the $250 billion in pension payments the state owes to workers upon retirement, Money/CNN reported. ... “So far, the plan appears to lack concrete measures that will materially improve Illinois’ long-term capacity to address its unfunded pension liabilities,” Moody’s wrote, as reported by CNN/Money. "...

Water bills spiraling out of control across the U.S.


Chicago, on the other hand, decided to raise their water rates not to fix infrastructures, but instead to solve the $30 billion pension crisis that has sunk Chicago’s bond rating to a junk status. According to the Chicago Sun Times, City Council approved Mayor Rahm Emanuel’s plan is to apply a 30% tax on water and sewer bills to save a Municipal Employees Pension Fund with $18.6 billion in unfunded liabilities that’s due to run out of money in ...

More than half of US states unable to pay their debts – report


The report found that a large portion of debt incurred by states comes from unfunded retirement benefit obligations. These include pension plans and retiree healthcare liabilities. Pension debt amounted to $855 billion, and other post-employment benefits racked up to $617 billion at the end of the 2019 fiscal year. "...

US unfunded liabilities reaches record $61.6 trillion as nation heads into bankruptcy collapse


US unfunded liabilities reaches record $61.6 trillion as nation heads into bankruptcy collapse Friday, June 17, 2011 by: J. ... Moreover, the true amount of the unfunded liabilities is likely much higher - perhaps even as high as $119 trillion , according to Michael Tanner of the CATO Institute . "..."...

It's official: Obama ran trillion-dollar deficits four years in a row


You'll see a category marked "US Unfunded Liabilities." This is where the real disaster looms. While the "national debt," as of this writing, is about $16.9 trillion, the real debt figure is listed in the US Unfunded Liabilities - entitlements - category, and it is a staggering $125.3 trillion. "...

The pension apocalypse begins as GE freezes benefits for 20,000 employees


As a result, overall net pension liabilities rocketed up from $0 in 2001 to $1.1 trillion in 2015… Now, it appears, one of America’s biggest corporations is facing similar pension shortfalls. ... The company’s “stubborn pension deficit” is one of its biggest financial liabilities which is making it extremely difficult for Culp to put the company back on solid financial ground. "...

Economics analyst warns economic, civil unrest is rising: 'This won't end pretty'


'This won't end pretty' All across Europe, especially in some of the hardest economically hit countries like Greece, Spain and Ireland, protests against government-mandated cutbacks of social welfare and pension programs have abounded. ... As of this writing, unfunded liabilities totaled more than $122 trillion ; there isn't that much money on the planet, so just how is it supposed to be paid? "...

Greenspan admits 'no viable long-term solution' to America's soon-to-fail system of debt and despair


But real economists take into account the "hidden" debt figure, which accounts for all of the unfunded liabilities - promises of benefits that lawmakers and presidents have made over the years to buy votes and curry favor with key constituencies - at a mind-boggling $125 trillion. ... Even then, it would take more than a century to print enough to pay our unfunded liabilities. "...

Is your pension fund a massive Ponzi scheme? That's how they're being run...


Take the Chicago Teachers’ Pension Fund (CTPF), for instance. It currently maintains about $10 billion in assets, but is obligated to provide future payouts of $21 billion. ... With more going out than coming in, many pension plans will end in disaster The CTPF currently has a payout of about $1.4 billion that’s disbursed to retirees as part of their owed benefits packages. "...

Chicago Tribune echoes the Health Ranger, warns that government pensions will evaporate before many retirees can collect


If you’re depending on a pension, your pension is going to be wiped out,” he says at the start of his podcast, noting further that the so-called “mainstream media” has largely been silent about this approaching fiscal disaster. ... He noted further that mega-cities like Detroit, Chicago, Los Angeles and others were heavily in debt and that their pension plans were already in danger of going bankrupt: Chicago, for example, owes $19 billion in pension payments ...

The Illinois lottery just imploded, declaring it can no longer pay large winnings


The state now owes $130 billion in unfunded pension obligations, and is sitting on a pile of unpaid bills exceeding $13 billion. ... Right now, Illinois owes $15 billion to “sick care” contractors and $251 billion in future pension benefits that include “sick care” coverage. "...

American cities were unprepared for financial fallout from coronavirus shutdowns


Total debt for all the cities amounted to $333.5 billion at the end of fiscal year 2019. ... This practice has resulted in a shortfall of $180.1 billion and $160.1 billion in pension and OPEB funds, respectively. "...

Canadian Finance Minister: US economy 'simply not sustainable'


Tens of trillions in unfunded liabilities Politico further reported: Doug Elmendorf, best known for arbitrating the costs of various health care proposals, added his voice to a growing chorus of economic experts who predict dire consequences if political leaders don't scale back spending, increase taxes or both - and soon. ... As of this writing, the total US national debt is more than $18.1 trillion; unfunded liabilities - benefits which have been promised by ...

What went wrong with pensions — and why the whole world should be worried


As baby boomer teachers, police and firefighters retire, the required pension payouts are soaring. ... The following chart, from a recent Wall Street Journal article , shows pension fund assets falling behind in the past two bear markets and having increasing trouble catching up with steadily-growing liabilities. "...

The total financial meltdown of Illinois draws near; the first of many states plunging into fiscal collapse


There’s also another $251 billion in unfunded pension obligations that nobody knows how they’ll pay. ... It also addresses structural reforms, government consolidation, and pension reform. "...