Debt collapse ‘perfect storm’ shaping up that will almost instantly wipe out pension funds nationwide

Thursday, December 22, 2016
By Paul Martin

by: JD Heyes
NaturalNews.com
Wednesday, December 21, 2016

There is a “perfect storm” of events shaping up that will take most Americans by surprise – especially those who paid into, and now rely on, a pension to help make ends meet after retirement.

Unbeknownst to most people, pension funds in the United States are grossly underfunded. In fact, according to The Financial Times, academic research has determined that the collective funding shortfall for all U.S. public pension funds combined is three times larger than official figures indicate – and it’s getting bigger.

Rep. Devin Nunes, R-Calif., said that for years it has been clear “that many cities and states are critically underfunding their pension programs and hiding the fiscal holes with accounting tricks.” In fact, the city of Dallas just moved to freeze withdrawals from its fire and police pension funds because they are billions of dollars in the hole.

Nunes introduced legislation in the House in November to reform how public pension plans report their figures to the general public. He said that when the funds become insolvent, “they will create problems so disastrous that the fund officials assume the federal government will have to bail them out.”

‘Five or 10 years out there will be major failures

The Rest…HERE

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