Coronavirus

[Dachsie]

Here is a video worthy of your attention.

I have my suspicions about the Silver Report Uncut YouTube Channel but much of his information is absolutely accurate and true looking to me.

The whole crux of that he is discussing in this video is

whether "the virus" is REAL. That is the same issue I was getting at in my earlier # 145 posting of earlier today. The Silver Report Uncut host /narrator takes it for granted that "the virus" is very real but he also states that we are all too far "cooked in the pot" at this point and whether you believe the virus is real or whether you do not does not make any difference because the outcome for all of us is the same.

We are cooked indeed!

Every person who is retired under a state teacher retirement program and every person who is retired under a university that is state funded is retired under a "PUBLIC retirement system." That is a whole whole lot of people.The retirement systems of all these entities have to be "fully funded" for all the amounts of retirement annuity they have promised into the future. Each state has its own assumed percentage rate on these entities' investments that must be earned in order to meet the "fully funded" actuarial requirement. My state's assumed percentage return on investments for teacher retirement system is 8%, last I checked the rate anyway. Most other states other than mine assume, I think, a rate of 7%.

Both rates are fairy tale unrealistic in today's financial and economic environment. Ergo, my states' public retirement systems are or about to go insolvent, that is, not fully funded, and most of the 7 % states' public retirement systems are already insolvent, not fully funded.

This is reality, folks.



Pensions Suffer Largest Losses In History During Q1, States Seek To File For Bankruptcy, New Poll
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•May 14, 2020
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Silver Report Uncut
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Pensions have suffered the largest losses in history during Q1 as the stock market sell-off took a mighty toll on many retirement accounts. One of the main issues that have been draining state finances and leading to increasingly higher taxes has been the underfunded pension liabilities. One interesting difficulty that has led to excessive risk has been the demands to create large returns and when losses are this high it means the more will be demanded from the state's budget. For some of the higher tax states, this could be their downfall. The request for state and city bailouts has already been denied, so far but the other option being suggested is to give states the right to file bankruptcy as they aren't able to at the moment. Next, we bring up a recent poll from CivilScience which showed 31% of respondents say they won't return to normal even if they were told to. According to their data only 14% said they would resume normal activity immediately which means the economic recovery may take longer after all.
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13:39 video runtime