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Forget The Phony Pension Accounting, Here’s How Much Your State Pension Is Really Underfunded

The phony assumptions that go into calculating public pension underfundings in the United States are a frequent topic for us.  As our readers are aware, state pension administrators are given fairly wide leeway to simply pick a discount rate out of thin air.  Of course, since pensions are nothing but a massive stream of future […]


“Almost A Given It Will End Badly”: Vanguard Founder Jack Bogle Says U.S. Pensions Are Doomed

Legendary investor Jack Bogle is apparently not all that optimistic that public pension funds in the U.S. are going to be able to meet their future funding obligations.  Speaking with Bloomberg earlier today, Bogle predicted that bond returns will be a paltry 3% over the next decade, with stock returns not that much better, making […]


The Great Retirement Con

Authored by Adam Taggart via PeakProsperity.com, Frankly put: retirement is now a myth for the majority…   The Origins Of The Retirement Plan Back during the Revolutionary War, the Continental Congress promised a monthly lifetime income to soldiers who fought and survived the conflict. This guaranteed income stream, called a "pension", was again offered to […]


Pension Ponzi Bailout: Democrats Sponsor US Treasury Bailout Scheme

Authored by Mike Shedlock via www.themaven.net/mishtalk, Most defined benefit pension plans are nothing but Ponzi schemes. Plans are now unraveling because of demographics. An increasing number of retirees, needing untenable returns, are supported by fewer and fewer people putting money in the system. Democrats sponsored a bailout scheme. Will it pass? Pension and Investments reports […]


The Ponzi Scheme That’s Over 100x The Size Of Madoff

Authored by Simon Black via SovereignMan.com, By January 1920, much of Europe was in total chaos following the end of the first World War. Unemployment soared and steep inflation was setting in across Spain, Italy, Germany, etc. But an Italian-American businessman who was living in Boston noticed a unique opportunity amid all of that devastation. […]


It Begins: Pension Bailout Bill To Be Introduced This Week

Over the past year we have provided extensive coverage of what will likely be the biggest, most politically charged, and most significant financial crisis facing the aging U.S. population: a multi-trillion pension storm, which was recently dubbed “one of the most heated battles of a lifetime” by John Mauldin. The reason, in a nutshell, why […]


Will Americans Die Young Enough To Save Pension Plans?

Authored by Doug French via The Mises Institute, “Pension fund problems worsen in 43 states” says the Bloomberg headline. Laurie Meisler writes, New Jersey, Kentucky and Illinois continue to lose ground and now have only about one third of the money they need to pay retirement benefits. And three states had double-digit declines in their pension funding […]


Kentucky Teachers Blast Pension Reform Plan; Warn That 401(k) Plans Will “Dismantle Public Education”

Graves County Superintendent Kim Dublin in Kentucky is apparently concerned that forcing her teachers to accept the same retirement plans offered to almost every private sector employee in the country would literally “dismantle public education” as we know it. Speaking to a local NBC affiliate in Kentucky, Dublin told reporters that she relies on the […]


A Few Simple Charts Spell Disaster For Public Pension Ponzi Schemes

Earlier today, Milliman released their 2017 Public Pension Funding Study which explores the funded status of the 100 largest U.S. public pension plans.  Not surprisingly, this study only served to confirm many of the rather alarming trends surrounding public pension ponzi’s that we discuss on a regular basis. Starting with a high-level status update, Milliman […]


“It’s Not Sustainable” – Sacramento Lashes Out At Calpers After Raising Pension Payments

In the latest sign that America’s looming pension crisis is inching closer to an all-our collapse that will inevitably end in a series of bailouts – or worse, the failure to pay out retiree’s coveted benefits – a handful of California cities are lashing out at CALPers after being forced to hike pension contributions to […]


Kentucky Teachers ‘Outraged’ At Thought Of Accepting Same Retirement Plans As Private Sector Workers

Last week we noted that, after months of planning and cogitating over how to address the failing public pension systems in their state which are somewhere between $40 and $80 billion under water, Kentucky’s Governor Matt Bevin and the leaders of the General Assembly’s Republican majorities released their highly-anticipated ‘plan’ which turned out to be […]


Kentucky Republicans Cave On Pension Reform; Stick It To Taxpayers With “Kick The Can” Approach Instead

After months of planning and cogitating over how to address the failing public pension systems in their state, which are somewhere between $40 and $80 billion under water, Governor Matt Bevin and the leaders of the General Assembly’s Republican majorities released their plan earlier today and it appears to be nothing more than the same […]


Which American Cities Will File Bankruptcy Next?

We harp on the massive, unsustainable, yet largely unnoticed, debt burdens of American cities, counties and states fairly regularly because, well, it’s a frightening issue if you spend just a little time to understand the math and ultimate consequences.  Here is some of our recent posts on the topic: America’s Pension Bomb: Illinois Is Just […]


Study Of 10-Year State Pension Returns Highlight Full Extent Of Public Pension Ponzi

A new study of public pension returns by Cliffwater LLC has found that the median U.S. state pension plan returned just 5.9% annually over the 10 years ended June 30, 2016.  Meanwhile, as Pension and Investments notes, the top performing state pension, the $15.6 billion Oklahoma Teachers’ Retirement System, was the only fund that managed […]


“This Is A Crisis Greater Than Any Government Can Handle”: The $400 Trillion Global Retirement Gap

Submitted by John Mauldin of Mauldin Economics Today we’ll continue to size up the bull market in governmental promises. As we do so, keep an old trader’s slogan in mind: “That which cannot go on forever, won’t.” Or we could say it differently: An unsustainable trend must eventually stop. Lately I have focused on the […]