Will public pensions be next bailout?
"According to the Center for Retirement Research at Boston College, as of Dec. 16, 2008 public pensions in the United States were underfunded by nearly $1 trillion. Worst is Illinois, where the pension system has only 54 percent of the necessary funding and an unfunded liability of $54.4 billion......
....Public pension benefits are also much more lucrative than private-sector pensions and widely prone to "double dipping" abuse...."
These pension defaults will be WAY worse than the bank problems.
And Obama has spend/borrowed already EVERY penny we've got.
Who's gonna pay for those retired teachers, cops, firemen and county, city, state worker's pensions and benefits?
Who do you think?
"According to the Center for Retirement Research at Boston College, as of Dec. 16, 2008 public pensions in the United States were underfunded by nearly $1 trillion. Worst is Illinois, where the pension system has only 54 percent of the necessary funding and an unfunded liability of $54.4 billion......
....Public pension benefits are also much more lucrative than private-sector pensions and widely prone to "double dipping" abuse...."
These pension defaults will be WAY worse than the bank problems.
And Obama has spend/borrowed already EVERY penny we've got.
Who's gonna pay for those retired teachers, cops, firemen and county, city, state worker's pensions and benefits?
Who do you think?
A financial Hiroshima on the way?
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