Mac Slavo – March 15th, 2017
Along with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all.
Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes – because, in the end, it is just more debt, whether private or public.
With tens of trillions in unfunded liabilities, the weight of an avalanche remains dangling over our heads. An aging population is cashing in on needed retirement benefits while the younger generations must support multiples that are unsustainable financially.
Somewhere between the retiree that needs clothing, food and lodging, and the bankruptcy of cities and state governments is the makings of the next economic crisis.
This is one of those things that few will pay attention to until it’s a 5 alarm fire. Then the policymakers will run around with their hands in the air saying they didn’t see it coming.
Of course they did. But addressing the problem is hard and will make people unhappy in the short term.
This blog pointed out the sad, and quiet fact that entities like the government of South Carolina are deep in debt over pensions. Everywhere there are failing social systems.
Comment: John Durrad http://www.setapartbytruth.org
With an aging population of people living longer than before there was bound to be a lot of pressure on the Pension Fund. The pensioners today have put into the fund all their working life with the governments assurance that they would receive a pension for the rest of their life.
It now seems possible that there simply will not be enough money to continue to pay this important segment of society. At worse the money could dry up completely at best many could see their income severely reduced.
What’s happened to the honour that should be afforded to this group of people that built up the country? God is not happy with the cavalier attitude toward the elderly in society.
“Thou shalt rise up before the hoary head, and honour the face of the old man, and fear thy God: I am the LORD.” Lev 19:32
Unfortunately, there are not too many who “fear thy God,” so are less likely to honour the elderly.