by vision-master » Tue 18 Mar 2008, 16:00:44
$this->bbcode_second_pass_quote('', 'W')e will see a shutdown of many essential services provided by local governments, and pension funds that will not be able to honor their obligations. This will certainly occur in a few months.
Pension deficit disorder.
Don't even go there.
$this->bbcode_second_pass_quote('', '
')If you haven't heard or read much about problems with local and state public pensions, it's partly because they are fundamentally different in scope. When private pensions get into trouble, retirees and current workers often lose some or all of their retirement benefits. What often happens is bankrupt companies pass their pension obligations to the Pension Benefit Guaranty Corp., the federal agency that insures private pensions, but at a fraction of their value.
Not so with public pensions, because benefits earned are treated as entitlements—they can't be revoked—and pension plans almost always have an emergency fund—called “taxpayers”—to bail them out. As a result, problems with public pensions tend to be less immediate, less “today” and more “tomorrow.”
Next, Social Security won't honor their obligations either? Mad Max, eh.
Got Camper trailer.......