Several states set to collapse under crushing weight of bankrupt pensions: Will Illinois become the first?
by: JD Heyes
NaturalNews.com
Monday, June 19, 2017
For years Natural News founder/editor Mike Adams, the Health Ranger, has been warning Americans that many of the nation’s public sector pensions are underfunded by hundreds of billions of dollars and are on a course to collapse.
In 2013, Adams warned police officers, firefighters, teachers and others who work for government entities that unless funding mechanisms and payout schedules changed, their pensions would be gone in a few years. Referencing the city of Detroit’s bankruptcy, Adams wrote of the larger problem in municipalities all over America:
Across the country, city governments have all spent the pension funds instead of saving them. Almost no large city has the funds necessary to pay its obligations to retirees. Pension financial planning strategies are tragic nightmares of broken promises, dishonest politicians and delusional workers (who still somehow believe they’re going to get paid).
A year-and-a-half later, in December 2014, Adams noted that underfunded pensions were set to take a new economic hit, as Congress considered legislation that would allow local governments to arbitrarily cut the benefits of retirees, many of whom were on fixed incomes. Citing a Washington Post story detailing the plan, Adams wrote:
This is precisely what I’ve long warned Natural News readers was coming. And this is merely the very beginning of the true destruction of the financial collapse headed our way. When the next market crash arrives, billions of dollars in retirement funds will be destroyed virtually overnight, and pension funds nationwide will be wiped out.
He followed up that warning with a prediction two years later that came true: The city of Dallas would have to freeze pension benefits lest the fund go completely broke, suspending withdrawals from the fire and police pension systems to prevent insolvency.
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