Public Pensions This thing's going to get UGLY !

[Dachsie]

Deja Vu All Over Again, at least for me when I was fighting years ago another imminent pension blow-out in one of my states largest public pension plans. Sometimes a dose of hopium and a little foray into the early years of my conservatism and patriotism is a good thing, at least as a momentary good feeling.

(Yes, there are high-dollar lavish retirement benefits for many but there are many tens of thousands of other retired public employees with poor and low benefit levels that places them within official federal and county poverty guidelines.)


https://www.youtube.com/watch?v=LjnDKle4t8s

...https://www.youtube.com/watch?v=LjnDKle4t8s...

Alex Newman - Federal Government Cannot Bail Everybody Out
2,646 views
•Apr 28, 2020
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Greg Hunter

242K subscribers


Alex Newman - Federal Government Cannot Bail Everybody Out


2,646 views
•Apr 28, 2020
284
10
Share
Save
Greg Hunter
242K subscribers
Journalist Alex Newman the virus has finally brought trillions of dollars in unpayable underwater state pensions in to the light as blue states are asking for a federal bailout. Newman says, “Right now, President Trump is talking about rebuilding our infrastructure. One reason our infrastructure is crumbling is 1/4 to 1/3 of our state and local government budgets are going to fund public pension plans. This is a good opportunity to rebuild our infrastructure, but we have to use some common sense here. We can’t keep paying these enormous pensions.”

In closing, Newman says, “The idea that the federal government cannot bail everybody out is self-evidentially ludicrous. The government can’t bail out the workers, the companies, states, local governments and the churches. It is self evidentially ridiculous. I hope President Trump can make some progress on it, but the task is so big and so complicated I feel like it would take a miracle to have some success on this.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Alex Newman, International Correspondent for The New American Magazine and founder of LibertySentinel.org.


Pray Without Ceasing

[mamboni]

Just another of the multitude of reasons to convert your wealth into physical PMs. The US dollar is going to be destroyed. And it will not be more than a couple of years for this to happen. That is the power of exponential debt growth.

[Dachsie]

Just another of the multitude of reasons to convert your wealth into physical PMs. The US dollar is going to be destroyed. And it will not be more than a couple of years for this to happen. That is the power of exponential debt growth.

Unfortunately those tens of thousands of very poor public retirees have no wealth to covert to physical PMs. They are now in dire survival mode and they will be the first ones to suffer the most from many of the fixes I perceive Mr. Newman suggesting, like certain states declaring bankruptcy because of their poorly managed pension funds and he makes it clear his suggested solution of states going bankrupt will soon spread to all states.

[Dachsie]

It is kind of funny how I ran across this video with Greg Hunter, as well as Zero Hedge article, as well as a JNIP4 YouTube that all came out at the same time on the subject of the pension crisis.

Anyway, I elaborated on my take on one aspect of this in a comment I submitted on USAWatchdog - Hunter's site, but it has not been posted or accepted yet so will just post it here too in case it does not pass moderation and in case anyone is interested in this issue.

https://usawatchdog.com/pension-crisis-is-a-5-trillion-unsustainable-scam-alex-newman/?unapproved=1510753&moderation-hash=8406ead2d5aa472d3ece662cb1d725e9#comment-1510753

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2. DachsieLady 04/29/2020 •
Your comment is awaiting moderation.

While I at first wholeheartedly agree with just about everything Mr. Newman said, I want to mention something no conservative commentator seems to want to talk about.

Sure there are outrageously lavish benefits for Chicago and Illinois, Connecticut, California, and New York, “left wing blue states” with large urban populations, there are in many “right wing red states” that show the same patterns of overly generous pension payouts.

And all states in the Union, blue and red, have ten of thousands of public employee retirees that have such low and poor pensions that they qualify for poverty and low-income designations under federal and county official guidelines. These public retirees have just been placed in dire survival mode and some of them have pensions that are just a few dollars more than the guidelines allow for the poverty / low-income designations and programs to help them so they are out of luck, especially when it comes to housing and hope for their children’s future.

Several “conservatives” politicians and “conservatives” like to pretend to care about the “middle class” and they also like to point out the alcoholism and addiction lifestyles of the homeless who have no money to get shelter abode of any kind.

Mr. Newman suggests allowing certain states to use the bankruptcy code RIGHT NOW, and also points out that once his suggestion solution starts, all fifty of the states will necessarily follow suit.

I just want to suggest all those tens of thousands of poor and borderline poor public retirees trying to get by on a small SS check and a small pension check, these will be the first to suffer the most by their states going bankrupt, not the high dollar public pensioners.


Pray without ceasing.