Here’s your share of state pension shortfalls (State workers will have to take a haircut in benefits)

Connecticut’s “ticking time bomb” 

In many states there simply isn’t enough money to pay for the pensions state workers negotiated with union friendly politicians back in the pre-recession days.

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Millennials Favor Private Accounts for Social Security Even if Benefit Cuts to Current Seniors Required

Destined to fail from the beginning. We need to figure this out and make difficult choices.

Look, I think there should be a phase out of the old system over say 10 years.

Older people have made calculations with the idea that Social Security would be there forever as it is now. Most people are not economists. They just did their thing in their working life and then retired as they were told they should. If we are going to change social security we should be sensitive to this very important (and very political) point.

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Chicago debt spiral, needs $900 million (Really it needs a lot more than that.)

The “windy city” actually refers to its politicians.

 

The municipal pension burden in many big cities in the US is massive. In Chicago, long a haven for the unionized city workers, this is especially so. Who needs police anyway? Chicago’s not a war zone or anything. Spend the money on city retirees. Just because everyone knew that the pension contracts which were signed by unions and politicians were completely undoable years ago, I mean everyone knew this,

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Chicago’s stark choice, pay lavish public pensions, or keep cops on the street. 500 murders last year.

This is a pretty interesting series from CNBC. What many people still do not understand is that the obligations of localities to public pensioners won’t be paid, because they can’t be paid. Politicians in the past made promises which they knew couldn’t be kept, and the public employee unions just took whatever they could (which is what a union is supposed to do I guess).

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More than 8,000 Illinois government retirees receive more than $100K in annual pension benefits

These are annual pensions. The workers are retired. They contribute little if anything to the state of Illinois at this point. And most of these folks probably retired in their 50s, some probably before that.

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Guest Post: Detroit’s Bankruptcy WILL Bite You In the Wallet

By N. Yakovlevitch

Does Detroit filing for bankruptcy indicate that the decades of corruption and can-kicking in America’s municipal governments have finally caught up with us? I don’t think most Americans understand just how serious this is and just how much it matters to their daily lives – even if you live nowhere near Detroit.

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Hey Grandpa, Stop Stealing From Your Grand Kids! Social Security and Medicare are Unfair.

Hey, life isn’t fair. But we have got to do something about Social Security and the coming debt bomb.

Of course most seniors don’t consider Social Security theft, and the headline above is intended to be inflammatory, however the Social Security system we have now is completely unsustainable. It hurts many who are just struggling to make it in an economy which is very different from the rising tide many retirees experienced over the past half century.

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How the California Pension System Ate the Once Golden State

CalPERS is the largest retirement fund in the world, currently valued at over $380 billion. It provides pensions for California’s army of government workers, and it is killing the state.

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