on things like education and health and human services to redirect money into its retirement system.
Even if a payment hike is phased in, which is often the case, it’s a big increase that most governments will be ill-equipped to handle because state and local revenues aren’t expected to recover for another three years. But delay is also costly. Because of the way pension accounting is done, every year a government skimps on a payment or investment returns fall short of expectations, a pension's funded ratio gets worse.
It’s for these reasons that state and local government unfunded pension liabilities have more than doubled since the Great Recession. It’s simply hard to catch up when the stock market falters. In 2007, pension debt totaled about $1.6 trillion according to the Federal Reserve, or roughly 11% of US GDP. In 2019, unfunded liabilities reached $4.1 trillion, about 19% of GDP.
the cure will be worse than the disease. governments believe that the solution will be found in their scientists and they are urinating outside the Toilet.
The retirement fund Ponzi scheme is the greatest scam in history. Trillions have been stolen from workers.
people are living longer now but some of the claimants of pension programs died from covid. economics
Public Pensions will have to be cut at this rate. Many were approved with no thought to taxpayers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Euro, euro zone bond markets hold out hope for recovery fund; stocks higherThe euro and euro zone bond markets held out hope European Union leaders would strike a deal on a recovery fund for the bloc's pandemic-ravaged economy on Monday, while the region's stock markets inched cautiously higher as talks paused.
Source: Reuters - 🏆 2. / 97 Read more »
Tech stock, market rally similar to dot-com bubble, Mark Cuban says - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. yeah like the internet bubble he made his money on Mark Cuban is taking money from a country currently running a genocide on an ethnic group. Let's go ahead not put people like that on a pedestal as a person of any influence mcuban We do what we have to do
Source: BusinessInsider - 🏆 729. / 51 Read more »
5 things to know before the stock market opens MondayLawmakers return to Washington today, under pressure to pass another stimulus bill. Here are 5 things to know before the stock market opens: They should also come under pressure to explain why they say nothing while federal officers tear gas moms in Portland in violation of local leaderships wishes and their constitutional rights to protest. ❤❤❤❤ We don’t need another stimulus‼️‼️We need to OpenOurCountry OpenOurEconomy NOW‼️‼️🙌🇺🇸♥️🤍💙🇺🇸🙌
Source: CNBC - 🏆 12. / 72 Read more »
Next stock market crash: Morgan Stanley sees 'danger zone' in the fall - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. ‘The rally!’ Give me a break. People are dying at nearly 1k a day, there’s no plan to deal with that, the tanking economy or a likely constitutional crisis. No one cares about them rally!’
Source: BusinessInsider - 🏆 729. / 51 Read more »
Wealthy Americans have less doubt about market rally, economy, but still fear stock investingMany wealthy investors believe this market is for real and economy on the mend, but it's still not risk-on for them, even though a long-term view of stocks is historically the wise decision. acorns Poor babies must worry about investing, gosh golly. acorns She will lie avatar and share data and slap everyone acorns Wealthy Americans have been raising cash. Best savings rates here:
Source: CNBC - 🏆 12. / 72 Read more »