2 Responses to Pension Wipeout

  • It is GM times 100,000. The tick tick tick under most local and state governments. Given the fact that at least a dozen states have publicly displayed their financial distress- CA, NJ, NJ, MI, others- root through the financial records and you will find this potential mess. Now switch to Washington and the administration of the Ponzi scheme that is Social Security. Which many experts will claim goes kablooey on or around 2016. You have a potential crisis that makes the current kerfuffles look trivial. Watch the next four to five years. There is radical change underway in virtually every major American institution. It is what Phila. Mayor Michael Nutter faces during his current round of community meetings to explain the $108 million tax revenue shortfall and why their neighborhood libraries, pools and rec centers will close. How ironic. Just before the Great and Handsome Apostle of Big Gummint assumes the Presidency, the Era of Big Gummint is coming to a screeching halt.

  • Quite right Gerard. I used to jokingly tell people that my retirement plan was to be carried dead from behing my desk at 85. Now I fear that my retirement plan may become a reality for many.