Michael Snyder: “The Ticking Time Bomb That Will Wipe Out Virtually Every Pension Fund In America”

Michael Snyder of The Economic Collapse blog writes the following:

Are millions of Americans about to see the big, juicy pensions that they were counting on to fund their golden years go up in flames in the biggest financial disaster in U.S. history? When Bloomberg published an editorial entitled “Pension Crisis Too Big for Markets to Ignore“, it simply confirmed what a lot of people already knew to be true.  Pension funds all over America are woefully underfunded, and they have been pouring mind boggling amounts of money into very risky investments such as Internet stocks and commercial mortgages.  Just like with subprime mortgages in 2008, this is a crisis that everyone can see coming well in advance, and yet nothing is being done about it.

On a day to day basis, Americans generally don’t think very much about pensions.  Most of those that have been promised pensions simply have faith that they will be there when they need them.

Unfortunately, the truth is that pension plans all over the country are severely underfunded, and this has already resulted in local fiascos such as the one that we just witnessed in Dallas.

But what happened in Dallas is just the very small tip of a very large iceberg.  According to Bloomberg, unfunded pension obligations on a national basis “have risen to $1.9 trillion from $292 billion since 2007″…

Please read the remainder of Mr. Snyder’s article in The Economic Collapse blog.

Photo Credit:  Tech Valley Code Camp

Dr. Iris Mack's latest column in the International Business Times (UK edition)

April 2, 2017

BOOK SPOTLIGHT TOUR: "Energy Trading and Risk Management: A Practical Approach to Hedging, Trading and Portfolio Diversification" by Iris Marie Mack

April 2, 2017

Leave a Reply

Your email address will not be published. Required fields are marked *