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Largest Public Pensions Face $2 Trillion Hole, Moody’s Says
Moody’s latest estimations of pension liabilities are higher in every case than those reported by the systems.
What are the odds that every case is off in the same optimistic direction? Wow! What an amazing coincidence!
7 comments:
When it comes to pension liabilities, you just gotta have faith in the systems' numbers. Once the economy begins to grow like it once did, real wages rise like they once did, real interest rates rise to what they once were, and prosperity is not only restored for the present but well into the distant future...
*Deep Breath*
I ran out of steam and forgot the rest of my unreasonably optimistic line of reasoning. I'm sure it was a great point though and would have inspired all sorts of excessive risk taking, lol. Sigh.
Hey, that's my pension they are talking about. Someone is gonna have to pay: taxpayers or pensioners. I wonder how that one will work out, given that a totally bankrupt Detroit is continuing to pay pensioners at 96%, just with no inflation adjustment. I am hard pressed to think of situations where the taxpayers don't lose in these kinds of situations, whether it is federal, state, or local. I'm not saying it is right, just saying it usually works out that way.
What are the odds that every case is off in the same optimistic direction?
Quick number crunch......I'm coming up with 32.33 repeating of course!
Look, all we need is some intimidating shout and some divine intervention! Problem solved!
Mr Slippery,
continuing to pay pensioners at 96%, just with no inflation adjustment
Should oil, gold, and silver continue to fall in price and deflation/disinflation talk once again fills the headlines, that "no inflation adjustment" clause might turn from pensioner curse to pensioner blessing! Can't say it will help the pension funds themselves though. Go figure.
mab,
Look, all we need is some intimidating shout and some divine intervention!
XCOM: Berserker
Abilities
1. Intimidate
2. Bloodlust
3. Bull Rush
Let's get this alien creature on Mad Money ASAP!! Hahaha! :)
http://finance.yahoo.com/news/google-searches-ford-pickup-trucks-224900605.html
From the above link:
ConvergEx found that the phrase "I want to sell" autofills with "my car," "my house," and most concerning, "my kidney." The word kidney has cracked the top three autofill results every quarter since the fourth quarter of 2013.
It's the Candy Mountain economy! The Charlie class has replaced the middle class.
mab,
It could be worse!
1. My car
2. My house
3. A large assortment of kidneys I "found" last night
D'oh! ;)
In all seriousness, this is concerning! Sigh.
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