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.
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