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The Fate of All Municipal Governments – Look to Peoria, Illinois
The Fate of All Municipal Governments – Look to Peoria, Illinois The system we have is totally corrupt and it outright UNSUSTAINABLE!!!! In Illinois, the city of Peoria has been forced to eliminate 22 firefighter and 16 police positions even after they made 27 layoffs earlier this year. Besides eliminating employees, they are now looking at adding […]
New York City Joins The “Imminent Bankruptcy” Club
New York City Joins The “Imminent Bankruptcy” Club The “public pension crisis” is the kind of subject that’s easy to over-analyze, in part because there are so many different examples of bad behavior out there and in part because the aggregate damage these entities will do when they start blowing up is immense. But most […]
Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state
Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record. Illinois’ pension debt has set a new record to which no state should aspire. Credit ratings agency Moody’s Investors Service […]
Five Trillion Dollars! Doomed US Pensions’ Shortfall Now The Size Of Japan’s Economy
Five Trillion Dollars! Doomed US Pensions’ Shortfall Now The Size Of Japan’s Economy Scores of public pensions across the United States are so massively underfunded that the shortfall is roughly equal to Japan’s GDP – the world’s third-largest economy, according to Moody’s Investors Service. State and local pension plans in the U.S. now have less than […]
Illinois to Impose 1% Property Tax on Top of Everything Annually for 30 Years
Illinois to Impose 1% Property Tax on Top of Everything Annually for 30 Years In Illinois is a State that should just commit suicide and be emerged into surrounding states. It is following the EXACT pattern as the fall of the city of Rome itself. Constantine the Great moved the Roman capital from Rome to […]
Full Faith and Credit in Counterfeit Money
Full Faith and Credit in Counterfeit Money There are nooks and corners in every city where talk is cheap and scandal is honorable. The Alley, in Downtown Los Angeles, is a magical place where shrewd entrepreneurs, shameless salesmen, and downright hucksters coexist in symbiotic disharmony. Fakes, fugazis, and knock-offs galore, pack the roll-up storefronts with […]
Our Approaching Winter of Discontent
Our Approaching Winter of Discontent The tragedy is so few act when the collapse is predictably inevitable, but not yet manifesting in daily life. That chill you feel in the financial weather presages an unprecedented–and for most people, unexpectedly severe–winter of discontent. Rather than sugarcoat what’s coming, let’s speak plainly for a change: none of […]
$1.2 Trillion Asset Manager: Forget Volatility, The Real Financial Timebomb Is Public Pensions
$1.2 Trillion Asset Manager: Forget Volatility, The Real Financial Timebomb Is Public Pensions As we have reported over and over and over (and over, and over), public pensions are in deep, deep trouble. In addition critical funding shortfalls (U.S. public pensions had just 71.8% of assets required to meet obligations as of June 2016), many of the country’s largest […]
What Could Go Wrong? For Public Pensions, More Than You Know
What Could Go Wrong? For Public Pensions, More Than You Know Here’s a loaded question for you: “What could go wrong?” In some contexts, it can express mistaken confidence, as in, “Sure I’ll put my hand between that crocodile’s jaws. What could go wrong?” Investors should ask the same question before entering a position. “What […]
Document raises questions about Harper retirement policies
Document raises questions about Harper retirement policies Finance Canada review of Canada’s retirement system says Canada scores poorly among OECD countries Canada scores poorly among developed countries in providing public pensions to seniors, according to an internal analysis of retirement income by the federal government. And voluntary tax-free savings accounts or TFSAs, introduced by the […]
