Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

Work For A State Or Local Government? Read This

by Karl Denninger
Posted 2012-07-03 12:06

I've tried to warn you all about this if you're a firefighter, cop, teacher or otherwise employed by a state or local government -- you are not going to get your pension!

(Reuters) - U.S. states and localities have run up more than $2 trillion of unfunded pension liabilities, Moody's Investors Service said on Monday, citing data on plans offered by 8,500 local governments and over 14,000 individual entities.

The Wall Street credit agency said that according to its estimate, the total liabilities for fiscal 2010 were more than three times the amount reported by local governments.
http://tinyurl.com/co6qzmz

Read that last sentence again. And again. And again.

You are being lied to. Actively. Intentionally. Repetitively.

The money does not exist to pay those pensions. The governments cannot tax sufficiently to pay those pensions.

You are not going to get your pension.

Oh sure, if you're retired now, or nearly so, you are likely to get a good part of it. But you won't get it all if you've got more than 10 years left (before you die) -- that is, if you're under 70 or so.

Keep threatening, teachers, firefighters and cops. Go on strike. Please. All those threats, protests and strikes demonstrate is that you are demanding that 2 + 2 = 5 -- but no matter how loudly you scream, you can't make it so.

http://market-ticker.org/akcs-www?post=208109