We have detailed this problem over the past 3-4 years warning people about how bad the pensions around the nation have become nothing more than another ponzi scheme. Most, if not all, state, local and federal pension programs are underfunded by 40% or more.
What we stated a mere two months ago, in September 2018!
The steam that is building began in earnest in 2012 and has been picking up speed ever since. Look no further than some of the recent events we have documented time and again – Detroit, CALPers, Jeremy Stein, Teamsters and Dallas Pension Fund. All of these events have taken place in less than five years. What will the next four-plus years bring? How much longer should one sit on their hands and watch as thousands upon thousands of people either have retirement stolen or placed on lock-down as is the case with the Dallas Police Pension fund?
We have studied, researched and written about this for well over four years. Harry Markopolous, in 2011, tried to warn us about the ongoing theft, within the pension funds, on a daily basis by the banking cabal – link. CALPers pension program is north of 50% underfunded and losing a little more each and every quarter. – link. These are merely two of the articles that paint a picture of a tsunami of pension bankruptcies in the near future.
That’s a lot of people around the country that are directly impacted by unfunded, underfunded or otherwise completely insolvent pension funds.
It appears either the Forbes writer Elizabeth Bauer or SEC Commissioner Kara Stein read the article we published in September as they are now using the exact same language we used in September – ‘tsunami’ of pension failures.
Commissioner Kara M. Stein spoke to the Brookings Institution on Tuesday, giving a talk titled “The New American Dream: Retirement Security.” Here’s what she had to say:
Since World War II,